Remanded

Pc Jeweller Ltd. v. State Bank of India & Ors.

DRAT1 Feb 2023MISC APPEAL/9/2023

Case brief

AI extract

What is this about?

The Tribunal directed the appellant to open 20 showrooms pending valuation, subject to monitoring by Local Commissioners. Eight stores were kept closed for inventory, with fees fixed and shared equally between parties. Hearing listed for 07.02.2023.

What did the court decide?

All 20 stores (except 8 specified) to open under Local Commissioners; 8 stores closed for inventory; Commissioners' fees fixed and shared; matter listed for 07.02.2023.

Pc Jeweller Ltd. versus State Bank of India & Ors. — Company and Corporate | DRAT (2023)

¶1

DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

¶2

Misc. Appeal No. 09/2023

¶3

Arising out of N.D.N. No. 03/2023(OA) (DRT-III, Delhi)

¶4

P C Jeweller Ltd. Vs

¶5

State bank of India and Ors.

¶6

01.02.2023 Hon’ble Mr. Justice Brijesh Sethi

¶7

Present : Mr. Sandeep Sethi, Ld. Sr. Advocate along with Mr. Sanjeev Bhandari, Mr. Ravi Data and Mr. Rajiv Sinigh, Ld. counsrel for appellant.

¶8

Mr. Rajeeve Mehra, Ld. Sr. Advocate along with Mr. Ankur Mittal and

¶9

Mr. Ateendra Soumya Singh, Ld. counsel for respodnent no.1

¶10

Mr. Vijay Kumar, Ld.counsel for Canara Bank

¶11

This matter has been taken up by me through Video Conferencing.

¶12

Reply to the I.A. has been filed. Reports of learned counsels Mr. Dhananjay Kumar Singh, Mr. Ashish Kumar Sharma, Mr. Samarendra Kumar and Mr. N.K. Thakur, Costodian/Observers have been filed and valuation report of Karol Bagh showroom has also been filed by the bank.

¶13

Arguments heard. Learned counsel for the respodent states that he has no objection if all the stores, except the following 8 stores are allowed to function.

¶14

QC & COLLECTION CENTRE

¶15

24/2708, Bank Street, Karol Bagh, Delhi

¶16

NOIDA FACTORY

¶17

J-59, Sector 63, NOIDA, UP

¶18

PITAMPURA

¶19

162, Kapil Vihar, Pitampura, Delhi – 110034

¶20

PREET VIHAR

¶21

C-54, Preet Vihar, Delhi-110034

¶22

KINGSWAY CAMP

¶23

Kingsway Camp, 2517, Hudsonn Lane, Delhi - 110009

¶24

PROCUREMENT CENTRE (PITAMPURA)

¶25

162, Kapil Vihar, Pitampura, Delhi – 110 034

¶26

DISTRIBUTION DIVISION (KINGSWAY CAMP)

¶27

Kingsway Camp, 2517, Hudson Lane, Delhi – 110009

¶28

DIAMOND & JEWELLERY PROCUREMENT CENTRE (SOUTH EXT.) F-47, South Extn., Part-I, New Delhi-110 049.

¶29

Ld. counsel for the bank states that inventory and valuation of the abovementioned 8 stores will be carried out within 5 days and the bank will submit the report to this Tribunal by 6^th of this month, and till then, he prays, these stores should remain closed so that the inventory and valuation can be carried out in a peaceful manner. He further submits that so far as the other showrooms/premises are concerned, they can be opened subject to the appointment of Local Commissioners who will monitor the movement of the stocks in and out as well as sale and purchase.

¶30

It is further submitted that inventory as well as valuation has been carried out in respect of following three stores and the bank has no objection if these showrooms/premises are opened by the appellant subject to the condition that Local Commissoners should be there to monitor the movement of the stocks in and out as well as sale and purchase :-

¶31

(1) PCJ-Karol Bagh at 24/2708, Bank Street, Karol Bagh, New Delhi-110025.

¶32

(2) PCJ-Karol Bagh at 2713, Ground Floor, Bank Street, Karol Bagh, New Delhi-110025.

¶33

(3) PCJ-South Extension at F-47, South Extension, Part-I, New Delhi-110049.

¶34

Ld. Cousnel for appellant, however, opposes the above submissions of the bank on the ground that all the showrooms/premises should be opened and let officers of the bank or auditors or any other independent persons be appointed to monitor the movement of the stocks in and out as well as sale and purchase.

¶35

I have considered the rival contentions and in view of the submissions made by the bank, let all the 20 stores except the 8 stores mentioned below from Sr. No.1 to 8 be opened from tomorrow i.e. 02.02.2023. However, all the showrooms/premises will be opened in the presence of Local Commissioners whose details are as follows:-

¶36

S. No.	Name of Stores and Address	Name of Local Commissioner/Enrolment No. andMobileNo.
1.	QC & COLLECTION CENTRE 24/2708, Bank Street, Karol Bagh, Delhi	Mr. Arun Kumar Sinha D/185-D/183 Mobile No. 9771454314
2.	PCJ – factory, Noida, Uttar Pradesh (PS: Sector-71), J-59, Sector-63, Noida, Uttar Pradesh.	Mr. Prabhash Kumar Jha D-869-B/1990 Mobile No. 9811909472

¶37

3.	PITAMPURA 162, Kapil Vihar, Pitampura, Delhi – 110034	Mr. Lalit Sharma D/562/2020 Mobile No. 9149274689
4.	PREET VIHAR C-54, Preet Vihar, Delhi-110034	Ms. Archana Singh D/10522/2019 Mobile No. 9811827179
5.	PCJ - Kingsway Camp, New Delhi (PS: Mukherjee Nagar) Kingsway Camp, 2517, Hudson Lane,New Delhi-110009	Mr. Manish Kumar D/4508/2018 Mobile No. 9312058331
6.	PROCUREMENT CENTRE (PITAMPURA) 162, Kapil Vihar, Pitampura, Delhi – 110 034	Mr. Kamal Singh D/1881/2022 Mobile No. 9818090199
7.	DISTRIBUTION DIVISION (KINGSWAY CAMP) Kingsway Camp, 2517, Hudson Lane, Delhi – 110009	Mr. Gourav Bansal D/1384/2018 Mobile No. 9999418070
8.	DIAMOND & JEWELLERY PROCUREMENT CENTRE (SOUTH EXT.) F-47, South Extn., Part-I, New Delhi-110 049.	Ms. Aditi Gupta D/12770/2022 Mobile No.9873890795
9.	PCJ – Karol Bagh, New Delhi (PS: Karol Bagh), 24/2708, Bank Street, Karol Bagh, New Delhi-110005.	Mr. Sudhir Kumar Singh D/850/2005 Mobile No. 9868927179
10.	PCJ – Karol Bagh, New Delhi (PS Karol Bagh) 2713, GF, Bank Street, Karol Bagh, New Delhi-110005.	Aishwary Kumar Tiwari D/1871/2016 Mobile No. 8980386963
11.	PCJ- South Extension, New Delhi (PS: Hauz Khas) F-47, South Extension, Part-I, New Delhi-110049	Mr. Nitesh Mishra D/1367/2022 Mobile No. 8285555162
12.	PCJ – Paschim Vihar, New Delhi (Local Procurement Centre) (PS: Paschim Vihar (West), B1/12 (basement) Main Market, Paschim Vihar,New Delhi-110063.	Mr. Manish Kumar Singh D/1310/2018 Mobile No. 7042455414
13.	PCJ – Paschim Vihar, New Delhi (PS: Paschim Vihar (West), B1/12 Main Market, Paschim Vihar,New Delhi-110063.	Ms. Garima D/3906/2022 Mobile No. 8287441132
14.	PCJ – Yamuna Vihar (PS: Bhajanpura Thana, B1/19 Yamuna Vihar Vihar, New Delhi-110053.	Mr. Sachin Sharma D/1845/2007 Mobile No. 9953154582
15.	PCJ – Najafgarh, (PS: Nangloi/Najafgarh, 731A, Gaushala Road, Najafgarh, New Delhi-110043.	Mr. Rahul Sharma D/866/2018 Mobile No. 9971364889
16.	PCJ – Nangloi, (PS: Nangloi/Najafgarh, Shop No.2, Nangloi, Najafgarh Road, Nangloi,New Delhi-110041.	Mr. Pankaj Singh D/2036/2005 Mobile No. 9717850496
17.	PCJ – Dwarka, Delhi (PS: Dwarka, South), Shop No. G-9-13, HL Wings, Plot No.2, Pocket-4, Sector-11, Dwarka, New Delhi- 110075	Mr. Pradeep Jaiswal D/346-B/2000 Mobile No. 9910118079
18.	. PCJ – Rajouri Garden, New Delhi (PS: Rajouri Garden), A-12, Vishal Enclave, Rajouri Garden New Delhi-110027.	Mr. Yathart Singh D/6098/2019 Mobile No. 9069069007
19.	, PCJ – Krishna Nagar, Delhi (PS: Krishna Nagar), D3/19, Krishna Nagar, New Delhi- 110051.	Mr. Nilendu Vatsayan D/2561/2005 Mobile No. 9999050853
20.	PCJ – Rohini, Delhi (PS: Rohini, North), A-1/4, Sector-8, Rohini adjacent Sargam, OppositeM2KCinemas,New Delhi-110085	Mr. Rakesh Singh D/749/2007 Mobile No. 8373956561
21.	NOIDA G-54, Sector-18, G.B. Nagar, Noida (U.P) - 201305	Mr. Animesh Dixit D/90-A/2003/UP/G- Mobile No. 8130535309

¶38

22.	PCJ – factory, Noida, NSEZ-III, Uttar Pradesh (PS: Noida Phase-II), Plot No. 65, First Floor, Noida Special Economic Zone, Phase-II,Noida, Uttar Pradesh.	Ms. Reeta Jha BR-1556/2012 Mobile No. 7042160135
23.	PCJ – Faridabad, Haryana (PS: Kotwali, Faridabad), Faridabad 10A, Nehru Ground, NIT,Faridabad-121001.	Mr. Rashid Saifi D/3875/2022 Mobile No. 9899499106
24.	PCJ – Ghaziabad, Uttar Pradesh (PS: Kotwali), IIIN-29, Nehru Nagar, Ambedkar Road, Ghaziabad-201001.	Mr. Kumar Kartikeya D/1047/1997 Mobile No. 8527240463
25.	PCJ – Gurgaon, Haryana (PS: Sector-14), 2298, Rajiv Nagar, Sector-14 Old Gurgaon, Gurgaon -122001.	Mr. Prashant Yadav D/8188/2020 Mobile No. 7838984801
26.	PCJ – Indirapuram, Uttar Pradesh (PS: Indirapuram), G-20, Krishna Apra, Shopping Complex, Vaibhav Khand, Opposite, Shipra Mall, Indirapuram, Ghaziabad, Ghaziabad- 201010.	Mr. Rahul Parashar D/7742/2018 Mobile No. 9716333333
27.	PCJ – Ghaziabad, Uttar Pradesh (PS: Kavi Nagar), B-21-22, KPJ Towr, RDC, Rajnagar, Ghaziabad-201002.	Mr. Abhishek Verma D/3584/2019 Mobile No. 8447627386
28.	PCJ – Noida, Uttar Pradesh (PS: Sector-24), Shop No.8, Logix Mall BW-58, Sector-32, Noida-201301.	Mr. Sanjeet Kumar Singh D/603/1996-R Mobile No. 9811297928

¶39

Thus, as stated earlier, all the 8 showrooms/premises mentioned at serial number 1 to 8 in the above table will remain close and inventory and valuation be carried out in the presence of Local Comis sioner and reports be filed before this Tribunal by 06.02.2023. Rest of the stores will also be opened in the presence of Local Commissioners who will keep monitoring the movement of stocks in and out as well as sale and purchase, till further orders.

¶40

Since the 20 stores will have to be monitored for a considerable period, may be for 10 to 15 days or may be more, the fee of the each Local Commissioner is fixed at Rs.10,000/- per day subject to maximum of Rs.2 lacs.

¶41

So far as the fee of the Local Commissioners in 8 showrooms/premises which will remain closed for inventory and valuation is concerned, it is fixed at Rs.1.00 lac. It is made clear that fee of all the Local Commissioners shall be borne equally by the appellant and respodnent no.1.

¶42

So far as the valuation of the remaining 20 showrooms/premises are concerned, it will be carried out in phases as stated by the learned Sr. Counsel for the bank. The learned senior counsel for the appellants has not objection to the same.

¶43

List the matter on 07.02.2023 for hearing. Learned counsel for the parties are directed to co-ordinate with the Local Commissioners so that the abovementioned work can be carried out smoothly.

¶44

( CHAIRPERSON )

Pc Jeweller Ltd. v. State Bank of India & Ors.

Case brief

What is this about?

What did the court decide?

Pc Jeweller Ltd. v. State Bank of India & Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

Sh Nk Aggarwal and Ors. versus the Industrial Finance Corporation of India Ltd. and Ors.

Asrec India Ltd. versus Kanchan Garg & Anr.

Central Bank of India versus Ao Bank of India and Ors.

Vikas Agarwal versus Yes Bank Ltd. and Ors.

Bank of Maharashtra versus m/s Bitum Impex and Ors.

Smt. Darshana Goyal versus Oriental Bank of Commerce and Ors.