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High Court of Punjab and HaryanaCWP/2984/2015disposed of

M/S Navdeep Bioceuticals & ORS. v. Indian Overseas Bank & ORS.

2015-02-23Mr. Justice M.M. Aggarwal,Mr. Justice Jaspal Singh2 pages

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH

Civil Writ Petition No.2984 of 2015 (O&M) DATE OF DECISION: 23.02.2015 Navdeep Bioceuticals and others .....Petitioners versus Indian Overseas Bank and others .....Respondents CORAM:- HON'BLE MR.JUSTICE S.J. VAZIFDAR, ACTING CHIEF JUSTICE HON'BLE MR. JUSTICE AUGUSTINE GEORGE MASIH Present: Mr. Ashok Aggarwal, Senior Advocate with Mr. Sourabh Goel, Advocate for the petitioners Mr. C.S. Pasricha, Advocate for respondent No.1 ..

S.J. VAZIFDAR, ACTING CHIEF JUSTICE (Oral):

The writ petition is disposed of with the consent of the parties by the following order:

2.

In the event of the petitioners' depositing a sum of Rs.2 crores with the DRAT on or before 31.5.2015, the appeal filed before the DRAT shall be heard on merits. In the event of the amount not been so deposited, the appeal shall stand dismissed without further orders.

3.

Any amount that the petitioners receive towards rental from the secured assets shall be deposited forthwith with the DRAT against the deposit of Rs.2 crores. Liberty to the petitioners to apply to the respondents to withdraw this amount on such terms and conditions as the DRAT may allow including that PARKASH CHAND 2015.02.24 15:05 I attest to the accuracy and authenticity of this document

CWP-2984-2015 - 2 - the same will be without prejudice to the rights and contentions of all the parties.

4.

The OTS proposal, if made within two weeks from today, shall be decided by the first respondent.

5.

The petitioners agree to apply for an adjournment of the criminal proceedings till the OTS application, if made within two weeks from today, is decided and for a period of two weeks thereafter.

6.

Any application for interim reliefs shall be made before the DRAT. All the contentions of the parties in regard thereto are kept open.

(S.J. VAZIFDAR) ACTING CHIEF JUSTICE 23.02.2015 (AUGUSTINE GEORGE MASIH) parkash* JUDGE PARKASH CHAND 2015.02.24 15:05 I attest to the accuracy and authenticity of this document