M/S Knox Retails, And Others v. State Bank Of India & Another

CWP No. 28926 of 2017 -1IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP No. 28926 of 2017 (O&M) Date of decision : 21.12.2017 M/s Knox Retails and others .. Petitioners versus State Bank of India and another ... Respondents Coram:

Hon'ble Mr. Justice Rajesh Bindal Hon'ble Mr. Justice Gurvinder Singh Gill

Present:

Mr. Aalok Jagga, Advocate, for the petitioners. Mr. Rakesh Gupta, Advocate, for respondent No.1. Rajesh Bindal, J.

The petitioners have challenged the order dated 30.3.2017 passed by the Debts Recovery Tribunal-III, Chandigarh (for short, 'the Tribunal'), whereby SA No.37 of 2017 filed by the petitioners impugning the action taken by the Bank under Section 13(4) of the SARFAESI Act, 2002, was dismissed as premature relying upon the judgment of DRAT, Delhi in Misc. Appeal No.60 of 2016 titled as Vikram Bakshi & Company Pvt. Ltd. Vs. Housing Development Finance Corporation Ltd. & others, decided on 20.3.2017.

Short submission made by learned counsel for the petitioners is that the aforesaid judgment of DRAT, Delhi has been stayed by Delhi High Court in W.P. (C) 2966 of 2017 titled as Vikram Bakshi & Company Pvt.Ltd. vs. Housing Development Finance Corporation Ltd. & others on 10.4.2017. He further referred to the order passed by this Court in a bunch of writ petitions with main order in CWP-COM No.62 of 2017 titled as M/s Hall Mark Steel Pvt. Ltd. and others vs. Federal Bank and others, decided on 21.4.2017, whereby under identical circumstances, order passed by DRT Sharmila Devi 2017.12.22 10:24 I attest to the accuracy and integrity of this document

CWP No. 28926 of 2017 -2was set aside. The matters were remitted back. Reference has also been made to the order passed in CWP No.18721 of 2017 titled as Mohinder Singh and another vs. HDFC Bank and another, decided on 31.8.2017. The prayer is that the order passed by the Tribunal be set aside and the matter be remitted back to be decided on merit.

On the other hand, learned counsel for the Bank, while not disputing the aforesaid orders passed by this Court submitted that the matter may be considered by this Court on merits instead of remitting it back. After hearing learned counsel for the parties and considering the earlier orders passed by this Court in M/s Hall Mark Steel Pvt. Ltd. and Mohinder Singh's cases (supra), in our view, the impugned order dated 30.3.2017 (Annexure P-14) deserves to be set aside. Ordered accordingly.

The matter is remitted back to the Tribunal for decision on merit. The parties through their counsels are directed to appear before the Tribunal on 19.1.2018.

The petition stands disposed of.

(Rajesh Bindal) Judge (Gurvinder Singh Gill) Judge 21.12.2017 sharmila Whether speaking/reasoned :

Yes/No Whether reportable :

Yes/No Sharmila Devi 2017.12.22 10:24 I attest to the accuracy and integrity of this document