The Debts Recovery Tribunal dismissed the safety application as withdrawn. The respondent bank withdrew SARFAESI notices due to a technical defect and initiated fresh proceedings, leading the applicant to decline pursuing the current matter.
Directing the bank to credit 50% of court fees paid by the applicant; application dismissed as withdrawn.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/8/2022
MS MAHADEV INDUSTRIES Vs PUNJAB NATIONAL BANK
10.10.2022
Item No.76
Present: Ms. Deepshikha Gupta, proxy Counsel for Sh. Aalok Jagga, Counsel for the Applicant.
Sh. RS Bhatia, Counsel for the respondent bank.
Sh. RS Bhatia, counsel for the respondent bank states that the bank has withdrawn the notices under the SARFAESI Act as there was a technical defect in the proceedings. He further states that bank has also initiated fresh proceedings. In view of this, proxy counsel for the applicant does not want to pursue the present application. However, she states that in case, she is so advised, she would file fresh SA challenging the fresh notices issued by the bank. Proxy counsel for the applicant has also filed an affidavit to that effect.
In view of this, bank is directed to give credit of 50 per cent of the Court fees paid by the applicant i.e M/s Mahadev Industries. This is acceptable to Ms. Deepshikha Gupta, proxy Counsel for the applicant. Accordingly, the present SA is dismissed as withdrawn.
File be consigned to the record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
DILPREET$
Ms Mahadev Industries
Punjab National Bank
A S Narang
As recorded by the court registry
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