Disposed

Sunrise Institute of Engineering Technology and Management v. Punjab National Bank

DRAT9 Jan 2023

Case brief

AI extract

What is this about?

The Appellate Tribunal disposed of an application for transfer of pending proceedings from a DRT in Lucknow, directing the Tribunal below to decide pending applications and S.A. No. 537/2022 within the time granted in a prior order.

What did the court decide?

Direction to the Tribunal below to decide pending applications and S.A. No. 537/2022 within the time granted.

Sunrise Institute of Engineering Technology and Management… — Banking and Recovery | DRAT (2023)

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Misc. Application Dy. No. 1159/2022 Date: 09.01.2023

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Sunrise Institute of Engineering Technology and Management Vs. Punjab National Bank

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Present: Shri Shadab Alam, counsel for the appellant, Shri S. K. Pandey, counsel for the respondent-Bank,

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Heard the learned counsels for the parties.

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Learned counsel for the appellant contends that the applications as well as S.A. No. 537/2022 are pending consideration before the DRT, Lucknow, which have been argued, but no order has been passed on the ground that the present transfer application is pending before this Tribunal. Learned counsel for the appellant further contends that although, no order has been passed by the Tribunal below, but the respondents are proceeding under section 14 of the SARFAESI Act for taking possession of the property in question, in which third party’s right has already been created by the Bank, inspite of the fact that the applications as well as the S.A. are pending consideration. It is, therefore, prayed that the present Transfer Application may be allowed and the applications as well as S.A. pending before the Tribunal below may be transferred to any other DRT under jurisdiction of this Appellate Tribunal and till disposal of the said case, the interim protection may be granted.

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Learned counsel for the respondent-Bank submits that till the disposal of the applications and the S.A. by the Tribunal below, no coercive action shall be taken by the respondentBank, as such the interest of the appellant will remain protected, hence no interim order is required to be passed. It is further stated by the respondent-Bank that till today no order has been passed by the D.M. concerned under section 14 of the SARFAESI Act with regard to the property sold.

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In view of the above, the Tribunal below is directed to consider and decide the applications as well as the S.A. No. 537/2022 in accordance with law within the time as already granted by this Tribunal vide order dated 18.10.2022. Copy of the said order has been appended at page no. 286 of the present T.A. Accordingly, the present misc. application is disposed off. It is made clear that no party shall seek any adjournment unnecessarily in the matter.

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Justice R. D. Khare Chairperson

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Anupam

Sunrise Institute of Engineering Technology and Management v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

Sunrise Institute of Engineering Technology and Management v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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