Punjab National Bank v. Prakash Chand Soni
Case brief
What is this about?
An appeal under section 18 of the SARFAESI Act against an interim order was dismissed. The court held that since the securitization application was pending before the Tribunal, the appellant had an open remedy before that forum and the appeal was disposed of.
What did the court decide?
The present appeal is finally disposed of; the appellant is directed to file an appropriate application before the Tribunal below.
What the court decided
Appeal Dy. No. 443/2024 Date: 12.04.2024
Punjab National Bank Vs. Prakash Chand Soni
Present: Shri Prashant Kumar Pandey, counsel for the appellant,
Heard the learned counsel for the appellant.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 15.02.2024 passed by the Tribunal below in S.A. No. 576/2023, whereby the conditional interim order has been granted on issuance of sale certificate by directing the borrower to deposit Rs. 20.00 lacs within two months against the total outstanding amount of Rs. 6,65,76,000/-, which is a very meager amount.
After hearing the learned counsel for the appellant and considering the facts and circumstances of the case, this court is of the opinion that since the securitization application is still pending before the Tribunal below, therefore, there is remedy open to the appellant by filing appropriate application for redressal of his grievances before the Tribunal below. If such application is filed, this Tribunal has no doubt that the Tribunal below shall consider and decide the same in accordance with law most expeditiously.
In view of the aforesaid, the present appeal is finally disposed off.
Justice R. D. Khare Chairperson
Anupam
Issues for consideration
1 issue framed by the court
Whether the present appeal should be decided or remanded to the Tribunal below since the securitization application is still pending there.
Parties & counsel
- appellant
Punjab National Bank
- respondent
Prakash Chand Soni
Coram
R. D. Khare
Case details
As recorded by the court registry
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