The applicant sought review of an order based on location of secured assets. The Presiding Officer held that jurisdiction under Section 19 depends on the branch granting the loan. The application was dismissed.
Application for review of the impugned order dated 06.12.2022 is dismissed.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
RA/2/2023 PUNJAB NATIONAL BANK Vs M/S FARMING RESOURCES LLP
29.05.2023 Item No.62
Present: Sh. Diwan Sharma, Counsel for the applicant/defendant. None for respondents.
Heard on RA No.02/2023. Mr.Diwan Sharma, has argued that the impugned order dated 06.12.2022 passed by this Tribunal is required to be reviewed as the secured asset is situated in Jaipur, Rajasthan.
Under Section 19 of the Recovery of Debts and Bankruptcy Act, jurisdiction lies with the Tribunal where the branch which has granted the loan is situated. There is no merit in the present application and the same is hereby dismissed .
File be consigned to record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
MANOJ
1 issue framed by the court
Whether the Debt Recovery Tribunal has jurisdiction to hear an application for review when the secured asset is situated in a different state than the branch granting the loan.
1 provisions across 1 enactments
Punjab National Bank
M/s Farming Resources LLP
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
