Disposed

M/s Raj Traders v. The Zonal Manager, Punjab National Bank

Patna HC14 Feb 2022CWJC/524/2022

Case brief

AI extract

What is this about?

The Patna High Court entertained a writ petition regarding bank recovery proceedings due to the non-functionality of Debt Recovery Tribunals. The court disposed of the petition on mutually agreeable terms, directing the petitioners to deposit dues in installments while prohibiting coercive action until the proposal is pending with the bank.

What did the court decide?

Permission to deposit Rs. 15 lacs in one week and the balance in 15 days; no coercive action till proposal is pending.

M/s Raj Traders Vs The Zonal Manager, Punjab… — Contract and Commercial Disputes | Patna HC (2022)

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IN THE HIGH COURT OF JUDICATURE AT PATNA Civil Writ Jurisdiction Case No.524 of 2022

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======================================================

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M/s Raj Traders through its proprietor Shrimati Poonam Kumari (F) age 44 years, W/o Ajit Kumar Singh,

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Shrimati Kaushalya Devi (F), Age-74 years, W/o Late Nagendra Nath Singh Both are R/o Arya Samaj Mandir, Paschim Tola, Near Mahavir Sthan, Ara, PS- Ara Town, Dist- Bhojpur.

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... ... Petitioner/s

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Versus

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The Zonal Manager, Punjab National Bank 2nd Floor, R Block, Near Chanakya Hotel, Veer Chand Patel Path, Patna, Bihar.

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The Circle Head, Punjab National Bank near Regal Hotel, Ramna Maidan, Ara, Bhojpur.

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The Authorised Officer cum Chief Manager, Punjab National Bank, Circle Office, Near Regal Hotel, Ramna Maidan, Ara, Bhojpur.

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The Branch Manager, Punjab National Bank, Post- Koelwar, DistrictBhojpur.

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The Registrar-cum- DM, Ara, Bhojpur.

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The Sub- Divisional Officer, Ara, Bhojpur.

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... ... Respondent/s

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====================================================== Appearance : For the Petitioner/s : Mr.Rajendra Nath Sinha, Advocate For the Respondent/s : Mr.Anil Kr. Singh, GP-26 Mr. Kumar Priya Ranjan, Advocate ======================================================

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CORAM: HONOURABLE THE CHIEF JUSTICE and HONOURABLE MR. JUSTICE S. KUMAR ORAL JUDGMENT (Per: HONOURABLE THE CHIEF JUSTICE) (The proceedings of the Court are being conducted by Hon’ble the Chief Justice/Hon’ble Judges through Video Conferencing from their residential offices/residences. Also the Advocates and the Staffs joined the proceedings through Video Conferencing from their residences/offices.)

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Date : 14-02-2022

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Petitioners have prayed for the following

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relief(s):-

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Patna High Court CWJC No.524 of 2022 dt.14-02-2022

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2/4

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We have entertained the present petition in view of the fact that Debt Recovery Tribunal and Debt Recovery Appellate Tribunal are not functional.

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Shri Rajendra Nath Sinha, learned counsel for the petitioners contends that the petitioners are ready and willing to have the dispute amicably resolved with the bank, for which purpose, to establish his bona fide, petitioner is ready and willing to deposit a sum of Rs. 15 lacs within a period of one week and the remaining outstanding amount within a period of 15 days thereafter.

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Statement accepted and taken on record.

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Shri Kumar Priya Ranjan, learned counsel appearing on behalf of the respondent bank, states that even though the

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Patna High Court CWJC No.524 of 2022 dt.14-02-2022 3/4

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property stands auction sold and sale certificate issued, but, however, possession has not been handed over to the successful

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bidder.

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Let status quo, as on date, be maintained.

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As such, the petition is disposed of on the following mutually agreeable terms :-

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(i) Petitioners shall deposit a sum of Rs. 15 lacs within a period of one week and the remaining outstanding amount within a period of 15 days thereafter;

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(ii) Petitioners, either themselves or through their authorized representative, make available in the office of respondent No.3, namely, The Authorised Officer cum Chief Manager, Punjab National Bank, Circle Office, Near Regal Hotel, Ramna Maidan, Ara, Bhojpur giving an offer, in terms of the statement recorded supra, and also deposit the amount in terms thereof.

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(iii) The bank shall take a decision thereupon in accordance with law keeping in view the guidelines issued by the Reserve Bank of India as also principle of parity;

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(iv) Till the time proposal is pending with the authorities, no coercive action shall be taken against the petitioners.

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Patna High Court CWJC No.524 of 2022 dt.14-02-2022 4/4

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(v) Petitioners also undertake to bear all costs incurred by the Bank for initiating the process for selling the mortgaged property/assets.

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(vi) In the event of petitioners failing to deposit the amount, it shall be open for the bank to take appropriate action in accordance with law.

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(vii) Liberty reserved to the parties to take recourse to such remedies are otherwise available, should the need so arise subsequently;

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(viii) However, we are hopeful that with the intervention of the respondent Bank, the matter would be resolved amicably.

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The instant petition sands disposed of in the aforesaid

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terms.

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Interlocutory Application(s), if any, stands disposed of.

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(Sanjay Karol, CJ)

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( S. Kumar, J)

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Sujit/-

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AFR/NAFR
CAV DATE
Uploading Date	16.02.2022
Transmission Date

M/s Raj Traders v. The Zonal Manager, Punjab National Bank

Case brief

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M/s Raj Traders v. The Zonal Manager, Punjab National Bank

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