Shailendar Awasti v. Punjab National Bank

Appeal Dy. No. 463/2025 Date: 02.04.2025

Shailendar Awasti Vs. Punjab National Bank

Present: Shri Shadab Alam, counsel for the appellant, Shri Sanjai Singh, counsel for the respondent-Bank,

Heard the learned counsels for the parties.

The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 21.03.2025 passed by the Tribunal below in S.A. No. 286/2020, whereby the stay application has been rejected by the Tribunal below.

Learned counsel for the appellant states that the property in question is a residential accommodation and against the demanded amount of Rs. 18.71 lacs, the appellant has deposited Rs. 15.00 lacs through demand drafts before this Tribunal, which is more than 80% of the amount due. It is further contended that there is violation of Rules 8(5) and 8(6) read with section 13(8) of the SARFAESI Act and Rules made thereunder. Learned counsel for the appellant also contends that in pursuance of impugned order dated 21.03.2025, the Bank is going to take physical possession of the property in question, therefore, in the interregnum, the interest of the appellant may be protected.

Learned counsel for the respondent-Bank submits that there is no illegality in the order impugned.

After hearing the learned counsels for the parties and considering the facts and circumstances of the case, since the securitization application is still pending before the Tribunal below, therefore, the present appeal stands disposed off finally with the liberty to the appellant to file appropriate