Mohit v. Punjab National Bank

Appeal Dy. No. 923/2025 Date: 04.06.2025

Mohit Vs. Punjab National Bank

Present: Shri K. Kartikeya, counsel for the appellant, Shri Ankit Saran, counsel for the respondent-Bank, Shri Sudhanshu Mishra, counsel for the respondent-Auction Purchaser,

Heard the learned counsels for the parties.

Learned counsel for the appellant submits that the respondent-Bank has issued a fresh notice dated 31.05.2025 for taking physical possession of the property in question on 04.06.2025. The learned counsel further submits that the appellant has deposited a demand draft of Rs. 80.00 lacs towards pre-deposit against the demanded amount of Rs. 1.92 crores and odd, therefore, the interest of the appellant may be protected and a direction may be passed to the Tribunal below to decide the pending securitization application within the time as stipulated by this Tribunal.

Considering the circumstances of the case and the fact that the appellant has deposited Rs. 80.00 lacs in order to show his bonafide and the securitization application is yet to be adjudicated upon merits by the Tribunal below, the present appeal stands disposed off finally with direction upon the Tribunal below to consider and decide the pending securitization application of the appellant in accordance with law most expeditiously, preferably within two months from the date of production of certified copy of this order. Till that time or disposal of the securitization application, whichever is earlier, the status quo qua the property in question as it exists today is directed to be maintained by all the parties concerned.

Justice R. D. Khare Chairperson