M/ S Shri Krishna Cinetech Pvt. Ltd. v. Punjab National Bank and Ors.

Appeal Dy. No. 196/2022 Date: 19.05.2022

M/s Shri Krishna Cinetech Pvt. Ltd. Vs. Punjab National Bank & Ors.

Present: Shri Uday Chandani, counsel for the appellant, Shri Ashok Bhatnagar, counsel for the respondent-Bank, Shri Ashok Pandey, counsel for the respondent-Auction Purchaser,

Learned counsels for the respondents submit that copy of memo has not been given to them.

Learned counsel for the appellant undertakes to serve the copy of memo to the counsels for the respondents during course of the day.

Learned counsel for the appellant submits that gross irregularity has been committed by the DRT, Lucknow in vacating the interim order, which was granted. He further contends that considering the entire facts, the DRT, Lucknow had granted the interim protection to the appellant. It is also contended that an interim protection may be granted till the filing of reply by the respondents, so that the appellantborrower may not be dispossessed from the property in question.

The learned counsel for the auction purchaser submits that till date no proceedings have been drawn by the District Magistrate with regard to the property in question, therefore, at this stage, no interim order is required to be passed. He further contends that the appeal is not maintainable because the amount towards pre-deposit has not been deposited by the appellant and no advantage can be taken to the amount, which has been deposited by the auction purchaser.

The learned counsel for the appellant contends that the contention as raised by the respondents is not correct and once the amount has been recovered by the Bank, which is more than 100% of the amount due, no pre-deposit is required to be made for entertaining the appeal. Moreover, the waiver application is pending consideration. In support of his contention, the learned counsel files an order dated 02.05.2022 passed by this Tribunal in appeal Dy. No. 37/2022-Sant Ram Yadav & Ors. Vs. Punjab National Bank & Ors.