Punjab National Bank v. Ms Ananta Drug Agency
Case brief
What is this about?
The Division Bench dismissed the Bank's appeal challenging an interim status quo order. It held that since the borrower's Securitization application was still pending, the proper remedy was to move an application before the Tribunal below, which would decide it expeditiously.
What did the court decide?
The appeal was dismissed; the interim status quo order was maintained.
What the court decided
Appeal Dy. No. 724/2024 Date: 20.05.2024
Punjab National Bank Vs. Ms. Ananta Drug Agency
Present: Shri Sunil Kumar Srivastava, counsel for the appellant,
Heard the learned counsel for the appellant.
Learned counsel for the appellant submits that the auction sale was conducted under direction of the Hon’ble High Court, but status quo order impugned is preventing the Bank to handover the possession of the property in question to the auction purchaser. The learned counsel further submits that the pleadings in the case before the Tribunal below are complete, therefore, it is prayed that the Tribunal below may be directed to decide the case within the time to be specified by this Tribunal.
The present appeal has been preferred by the appellant under section 18 of the SARFAESI Act against the interim order dated 09.04.2024 passed in S.A. No. 965/2023, whereby status quo order has been granted to the borrower, therefore, the Bank has come before this Tribunal by filing the present appeal on the ground that the Bank is unable to handover the possession of the property in question to the auction purchaser.
Be that as it may, the Securitization application filed by the borrower is still pending consideration before the Tribunal below, therefore, the appellant-Bank has remedy open to it by moving appropriate application before the Tribunal below for redressal of its grievance, if so desired. If any such application is filed by the appellant-Bank, this Tribunal has no doubt that the Tribunal below shall consider and decide the same most expeditiously in accordance with law.
Issues for consideration
2 issues framed by the court
Whether the interim status quo order passed in the High Court prevents the Bank from handing over possession of the auctioned property.
Whether the appellant has any other remedy pending before the Tribunal below despite the pendency of the Securitization application.
Parties & counsel
- appellant
Punjab National Bank
- respondent
Ms. Ananta Drug Agency
Coram
Justice R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · May
- CNR
- 091090007242024
- Topic
- Banking and Recovery
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