Smt Farzana and Another v. Punjab National Bank

Appeal Dy. No. 1362/2024 Date: 04.10.2024

Smt. Farzana and Anr. Vs. Punjab National Bank

Present: Shri S. K. Gupta, counsel for the appellants, Shri Sanjai Singh, counsel for the respondent-Bank, Shri Anand Pati Tripathi, counsel for the respondent-Auction Purchaser,

Heard the learned counsels for the parties.

Learned counsel for the appellants submits that the notice for sale was given on 12.01.2024 fixing the date of auction on 15.02.2024 and the same was published on the very next day i.e. 13.01.2024, which is violation of the settled principle of law. In this regard, the learned counsel has relied upon a judgment passed by the Hon’ble Apex Court in Civil Appeal Nos. 5542-5543 of 2023-CELIR LLP Vs. Bafna Motors (Mumbai) Pvt. Ltd. & Ors, decided on 21.09.2023 and has referred to para 105(VI) of the said judgment.

Learned counsel further contends that no reply has been filed by the respondent-Bank either to the waiver application or to the memo of appeal and the appellants have already deposited Rs. 7,05,000/- towards pre-deposit before this Tribunal, which is more than 51% of the demanded amount.

Learned counsel for the appellant also submits that a direction may be issued upon the Tribunal below to consider and decide the pending securitization application most expeditiously within the stipulated period as fixed by this Tribunal with liberty to the appellant for filing of the stay application before the Tribunal below within a week, but in the meantime, the interest of the appellants may be protected as the Bank is going to take possession of the property in question tomorrow i.e. 05.10.2024.