Abhay Dutta Mishra And 3 Ors. v. Punjab National Bank And 2 Ors.

Appeal Dy. No. 1058/2022 Date: 30.01.2023

Abhay Dutta Mishra Vs. Punjab National Bank

Present: Shri Jahagir Hyder, counsel for the appellant, Shri N. K. Dwivedi, Advocate holding brief of Shri S. K. Pandey, counsel for the respondent-bank, Shri Sanjai Singh, counsel for the respondent-Auction Purchaser,

Heard the learned counsel for the appellant.

Learned counsel for the respondent-Auction Purchaser submits that the copy of appeal has not been served upon him. Learned counsel for the appellant undertakes to serve again the same upon the counsel for the respondent-Auction Purchaser within 48 hours.

Learned counsel for the appellant contends that the appellant had preferred a writ petition no. 300 of 2023 under article 227 of the Constitution of India before the Hon’ble High Court, Lucknow Bench, Lucknow and vide judgment and order dated 20.01.2023, the Hon’ble High Court has directed this Tribunal to consider and decide the application for condonation of delay and if allowed, the application for grant of interim relief.

The learned counsel further submits that the Hon’ble High Court has granted the interim relief in favour of the appellant, therefore, the said order needs to be complied with by this Hon’ble Tribunal, as the proceedings under section 14 of the SARFAESI Act have already been drawn by the respondentBank pursuant to the order dated 30.12.2022 passed by the D.M. concerned for taking physical possession of the property in question, therefore, urgency in the matter.

It is not disputed that the order passed by the District Magistrate concerned under section 14 of the SARFAESI Act is initially to be challenged before the Tribunal below, which may be done by the appellant, if so desired, within 15 days from today. In case such application is filed, the same shall be considered by the Tribunal below most expeditiously preferably on the same day. Till the disposal of the said application by the Tribunal below, no coercive action shall be taken by the respondent-bank. If no such application is filed within the time as stipulated above, the respondent-bank shall be free to take action as per law.