Allowed

M/s Bhoje Power Control System v. Punjab National Bank

DRAT14 May 2024

Case brief

AI extract

What is this about?

The Tribunal allowed an appeal under the SARFAESI Act against a DRT interim order rejecting a stay application. Setting aside the lower order as it denied hearing to a present auction purchaser despite the deposit, the matter was remanded for a reasoned order by the DRT within a month, with status quo maintained.

What did the court decide?

Impugned order dated 19.04.2024 set aside and remanded to DRT, Lucknow; status quo maintained.

M/s Bhoje Power Control System versus Punjab National Bank — Company and Corporate | DRAT (2024)

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Appeal Dy. No. 637/2024 Date: 14.05.2024

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M/s Bhoje Power Control System Vs. Punjab National Bank

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Present: Shri Sandeep Arora, counsel for the appellant,

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Heard the learned counsel for the appellant.

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The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 19.04.2024 passed by the DRT, Lucknow in S.A. No. 799/2023, whereby the interim relief application of the appellant has been rejected on the ground that the auction purchaser has not been impleaded as party.

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Learned counsel for the appellant contends that this is a second round of litigation and on first round, the appeal Dy. No. 1552/2023 was filed by the appellant, which was finally disposed off by this Tribunal vide order dated 18.01.2024, copy of which has been appended at page no. 262 of paper book, whereby this Tribunal had directed that it is expected that the Tribunal below shall consider and decide the interim application expeditiously, preferably on the next date fixed before it and till disposal of the interim application, status quo with regard to the property in question was directed to be maintained by all the parties concerned.

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Learned counsel for the appellant has drawn attention of this court to the impugned order, which is annexed as annexure no. 1 and has stated that the counsel for the Auction purchaser Mr. Vikram Yadav was present before the Tribunal below and had advanced his argument to the argument raised by the learned counsel for the appellant on the interim application and inspite of the same, the order impugned has been passed by the Tribunal below on the ground that unless

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the auction purchaser is heard, no interim relief can be granted whereas the Tribunal below has not recorded any finding on 15 days’ clear sale notice or on the auction conducted by the Bank inspite of the fact that the entire money had been deposited by the appellant and the order impugned has been passed only on the ground that without hearing the auction purchaser, no interim order can be passed and nothing has been recorded that as to why the counsel for the auction purchaser was not heard on that date i.e. 19.04.2024.

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In view of the above, the impugned order dated 19.04.2024 is hereby set aside and the matter is remanded back to the Tribunal below to consider the interim application of the appellant afresh and pass the reasoned order within a month from the date of production of certified copy of this order. It is undertaken at the bar that the order of this Tribunal shall be placed before the Tribunal below within four days from today.

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Till the disposal of the interim application, status quo with regard to the property in question as it exists today shall be maintained by all the parties concerned.

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In view of the above, the present appeal is finally disposed off.

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Justice R. D. Khare Chairperson

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Anupam

M/s Bhoje Power Control System v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

M/s Bhoje Power Control System v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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