M/s Balaji Trading v. Punjab National Bank
Case brief
What is this about?
The High Court disposed of an urgency application made during an appeal under Section 18 of the SARFAESI Act. It held the urgent application infructuous but allowed time to file an appropriate application before the Tribunal to maintain status quo on the property pending its decision.
What did the court decide?
The urgent application was disposed off. Liberty granted to the appellant to file an appropriate application before the Tribunal within four days to maintain status quo on the property.
Appeal Dy. No. 1998/2024 Date: 02.04.2025
M/s Balaji Trading Vs. Punjab National Bank
Present: Shri Raj Kumar Tiwari, counsel for the appellant, Shri Shalendra Kumar, counsel for the respondent-Bank,
Heard the learned counsels for the parties on the urgency application being I.A. No. 313/2025.
Since the matter has been taken up today, therefore, the aforesaid urgency application has become infructuous and is disposed off as such.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 26.11.2024 passed by the Tribunal below in S.A. No. 633/2019, whereby the interim relief has been rejected by the Tribunal below.
Learned counsel for the appellant submits that the present appeal has been filed against the observation made by the Tribunal below in respect of violation of Section 13(2), 13(3A) and 13(4) read with Rules 3 & 8 of the Security Interest (Enforcement) Rules, 2002. It is further contended by the learned counsel for the appellant that against the demanded amount of Rs. 19.41 lacs, the appellant has already deposited Rs. 3.60 lacs with the Bank and Rs. 8.00 lacs has been deposited before this Tribunal through demand draft, therefore, no further amount is required to be deposited by the appellant towards pre-deposit.
Learned counsel for the appellant also contends that the SDM, Mirzapur has issued a notice dated 22.03.2025 indicating that the physical possession of the property in question will be
Issues for consideration
2 issues framed by the court
Whether the status quo needs to be maintained pending the securitization application filed by the appellant before the Tribunal.
Whether the appellant's interest in the property can be protected in the interregnum before taking possession.
Parties & counsel
- appellant
M/s Balaji Trading
- respondent
Punjab National Bank
Coram
Justice R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · April
- CNR
- 091090019982024
- Topic
- Banking and Recovery
All orders in this case
2 orders share this CNR
- Order 1 — this page · Rajesh Dayal Khare
- Order 2 · Rajesh Dayal Khare
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