M/ S Rainbow Board Mills Pvt. Ltd. and Anr. v. Punjab National Bank and Anr.

Appeal Dy. No. 343/2022 Date: 18.07.2022

M/s Rainbow Board Mills Pvt. Ltd. and Anr. Vs. Punjab National Bank and Anr.

Present: Shri Anadi Krishna Narayan, counsel for the appellants,

Heard the learned counsel for the appellants.

Learned counsel for the appellants submits that the appellants have not challenged the entire SARFAESI proceedings, as they are only aggrieved by a part of the auction sale notice, by which those assets have been auctioned, which were not hypothecated/mortgaged with the respondent-Bank. It is contended that initially the Tribunal below vide its order dated 28.01.2021 had appointed an Advocate Commissioner to segregate the movable assets secured with the respondentBank, SIDBI and unsecured movable assets. Accordingly, the Advocate Commissioner has given his report, but copy of the same has never been supplied to the appellants.

It is further contended that the Tribunal below has passed the impugned order dated 24.06.2022 directing the appellants to deposit Rs. 66.56 lacs within a week. It is also contended that neither any copy of the Advocate Commissioner’s report was given to the appellants nor any opportunity to rebut the submission of the respondent-Bank was given to them. Therefore, the learned counsel prays that the effect and operation of the impugned order may be stayed till the said facts are cleared.

Let the notices be issued to the respondents by two modes i.e. Registered Post with A.D. and Speed Post. Steps to be taken by the appellants within a week. Affidavit of service along with tracking report be filed by the next date. Learned