Disposed

M/S Toplon Industries Private Limited v. Punjab National Bank

DRT25 Feb 2025SA/256/2023

Case brief

AI extract

What is this about?

This order in a batch of discretionary applications addressed pending sale proceedings regarding sub-lessee rights challenged under the SARFAESI Act. Upon the respondent bank's statement that the auctions were cancelled and sale consideration would be refunded, the Tribunal disposed of the applications and incidental IAs as infructuous.

What did the court decide?

All ten sale applications and pending interim applications disposed of as infructuous following the cancellation of auctions.

M/S Toplon Industries Private Limited versus… — Contract and Commercial Disputes | DRT (2025)

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DEBTS RECOVERY TRIBUNAL-1, CHANDIGARH

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SA No.256/2023 M/ S T©PL©N INDUSTRIES PRIVATE LIMITED Versus PUNJAB NATIONAL BANK

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25.©2.2025

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Item No.4

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Present : sh. Vikas Bali, Counsel for the Applicants. sh. Kps Dhillon and Sh. Vikas Bali, Counsel for the Applicants (in SA No.379/2023, titled as Silklon Processors Pvt Ltd Vs Punjab National Bank) Sh. VK Sachdeva and Sh, Gaurav Goyal, Counsel for the respondent bank along with Sh. Harpal Singh, Chief Manager, Circle Sastra, Jammu/PNB. Sh. Nahush Jain, Counsel for the auction purchasers.

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Ten SAs, filed by sub-lessees/borrowers/rnortgagors "titled M/s Toplon Industries Private Limited Vs Punjab National Bank (SA No.256 of 2023); Toplon Industries Pvt Ltd Vs Punjab National Bank (SA No.14 of 2024); Orbit Spinning Pvt Ltd Vs Punjab National Bank (SA No.390 of 2023); Silklon Synthetic Pvt Ltd Vs Punjab National Bank (SA No.391 of 2023); M/s Jyotsana Industries Pvt Ltd Vs Punjab National Bank (SA No.378 of 2023); M/s Natural Industries Pvt Ltd Vs Punjab National Bank (SA No'380 of 2023); Silklon Processors Pvt Ltd Vs Punjab National Bank (SA No'379 of 2023); J And K Synthetic Pvt Ltd Vs Punjab National Bank (SA No.393 of 2023); J and K Textorium Pvt Ltd Vs Punjab National Bank (SA No.394 of 2023) and Green Textorium Pvt Ltd Vs Punjab Nationa1 Bank (SA No.392 of I 2023)," are pending in this Tribunal, wherein the sub_ lessees/borrowers/mortgagors of sub-lessees rights have challenged the sale of sub- lessee rights by Punjab National Bank under the SARFAESI Act- The auction purchasers have also filed applications in all these cases for cance11ation of sale and forJ refund of the sale consideration with interest.

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2' MF' Sachdeva/ Counsel for the respondent bank on instructions from Mr. Harpal Singh/ Chief Manager/ Circle Sastra/ Jammu’ has made a statement at the Bar that after thel auctions' the bank had i55ued the 5a Je certificate5, However/

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SiDCO, which is the owner of the property and which had granted lease hold rights to J and K Integrated Textile Park Pvt. Ltd. Kathua Jammu, which in turn had granted sub-lease to the applicants, has refused to transfer the sub-lease rights in favor of the auction purchasers on account of the fact, that rentals have not been paid and as per the terms and conditions of the lease prior permission was required from the Government of India Ministry of Textiles and NOC from SIDCO, which were not obtained and further as per the terms and conditions of the auction the bank was required to facilitate the transfer till 31.07.2024, which the bank has failed to facilitate and the bank has decided to cancel the auctions at this stage and to refund the sale consideration. Mr. Sachdeva, counsel for the respondent bank has also placed on record a copy of the e-mail by Mr. Avinash Dutt:a, Law Officer of Punjab National Bank on behalf of Mr. Harpal Singh, Chief Manager, Punjab National Bank, Circle Sastra, Jammu, to Supremelaws i.e. the firm of the counsel for the bank.

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In view of this, the SAs have been rendered infructuous and same standb c$isposeel of. A copy of this order be also placed on all the connected files titled as above. All the pending IAs, if any are also stand disposed of accordingly.

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Registrar is directed to send a copy of this order to all the parties, as per rule. File be consigned to record room after due compliance.

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Pronounced in open court Dated : 25.02.2025 PAN KA3

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––––F He aW DRT-I, ChandigkDe

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M/S Toplon Industries Private Limited v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

M/S Toplon Industries Private Limited v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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