M/s. Shree Dairy v. Punjab National Bank
Case brief
What is this about?
The Tribunal fixed a date for hearing a pre-deposit waiver application and granted an interim stay of the handing over of possession. The court accepted a deposit of Rs. 9 lakhs by way of demand draft to stall the scheduled possession transfer, ordering that the appeal regarding the discrepancy in dues and NPA dates be heard once the bank submits detailed account statements.
What did the court decide?
Deposit of Rs. 9 lakhs accepted as pre-deposit; interim stay granted on handing over of possession of secured assets pending submission of detailed accounts by the bank for waiver hearing.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 408/2022 (WoD)
In Appeal on Diary No. 754/2022
Between
M/s. Shree Dairy & Ors. … Appellant/s
V/s.
Punjab National Bank & Anr. … Respondent/s Mr. Gaurang Kinkhabwala, i/b Mr. N. L. Karamchandani, Advocate for Appellants.
Mr Fraser M. Alexander, Advocate for Respondent No.1. Mr C. L. Ajankar, Advocate for Respondent No.2
-: Order dated: 12/10/2022:-
- The Appeal is filed impugning the order dated 08.08.2022 in I.A. No 782/2022 in S.A. No. 189/2022 on the files of D.R.T., Nagpur wherein the learned Presiding Officer had dismissed the prayer seeking to stall the handing over the possession of the secured assets to the auction purchaser. As a consequence of that, the handing over of possession is scheduled for 13.10.2022.
- The learned counsel for the Appellant submits that there is confusion regarding the total amount due to be paid to the bank. There are three notices u/s 13 (2) issued by the bank. The first one of which was on 24.04.2014. There was a second notice on 31.03.2014 and the third notice was issued on 29.12.2014. The sale notice dated 31.01.2022 referred to only the notice dated 24.04.2014 which is for a sum of Rs.8,58,497/- only. But the sale notice also referred to the balance amount being Rs.35,29,042/- as of
Issues for consideration
2 issues framed by the court
Whether to accept a pre-deposit of Rs. 9 lakhs as an interim measure to stay the handing over of possession of secured assets.
Whether to fix a date for hearing the application for waiver of pre-deposit pending submission of detailed account statements by the bank.
Parties & counsel
- appellant
M/s. Shree Dairy & Ors.
- respondent
Punjab National Bank & Anr.
Coram
Ashok Menon
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · October
- CNR
- 271090007542022
- Topic
- Banking and Recovery
All orders in this case
2 orders share this CNR
- Order 1 — this page · Ashok Menon
- Order 2 · Ashok Menon
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