Rm dairy products LLP v. Punjab National Bank
Case brief
What is this about?
An application was filed challenging the vacation of a stay order due to alleged misstatement regarding a demand notice date. The court remanded the matter and directed swift disposal of related appeals while maintaining the status quo on the property.
What did the court decide?
Matter remanded to the Tribunal below to reconsider the stay and decide the application within 10 days or the same day, as applicable. Status quo maintained.
Application Dy. No. 1436/2024 Date: 25.09.2024
RM Dairy Products Ltd. Vs. Punjab National Bank
Present: Shri Shadab Alam, counsel for the applicant, Shri Prashant Kumar Pandey, counsel for the respondentBank,
Heard the learned counsel for the applicant.
Learned counsel for the applicant submits that the Tribunal below has mentioned that the demand notice under section 13(2) was issued in year of 2024, but in fact no notice has been issued in year of 2024, however the said notice has been issued on 06.06.2022, which is part of the record, therefore it is contended that on misstatement of the Bank, stay order, which was granted, has been vacated without filing any application for vacation of stay. Learned counsel for the applicant further submits that a direction may be issued upon the Tribunal below to consider and decide the securitization application most expeditiously within the stipulated period as fixed by this Tribunal.
After hearing the learned counsel for the applicant and considering the facts and circumstances of the case, the matter is remanded back to the Tribunal below with liberty to the applicant to move an interim application for redressal of his grievances before the Tribunal below, which shall be considered and decided the same preferably on the same day or within 10 days thereafter. Till that time or disposal of the interim application, whichever is earlier, status quo qua the property in question as it exists today shall be maintained by all the parties. It is further directed to the Tribunal below to consider and decide the S.A. No. 276/2024, in accordance with law, most expeditiously, preferably within three months from the date of production of certified copy of this order.
In view of the aforesaid, the present application stands disposed off.
Issues for consideration
2 issues framed by the court
Whether the stay order should be vacated given the misstatement regarding the issuance date of the demand notice.
Whether the Tribunal below should consider the securitization application most expeditiously.
Parties & counsel
- applicant
RM Dairy Products Ltd.
- respondent
Punjab National Bank
Coram
R. D. Khare
Case details
As recorded by the court registry
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