Rajasthan High Court - Jaipur
Shiva Stainless Steel Pvt. Ltd vs Canara Bank on 9 November, 2020
Author: Ashok Kumar Gaur
Bench: Ashok Kumar Gaur
HIGH COURT OF JUDICATURE FOR RAJASTHAN
BENCH AT JAIPUR
S.B. Civil Writ Petition No. 13081/2020
Shiva Stainless Steel Pvt. Ltd., Having Its Registered Office At A
116, Group Industrial Area, Wazirpur, New Delhi - 110052. Also
At G-63, Riico Industrial Area, Bhiwadi District Alwar, Rajasthan.
----Petitioner
Versus
Canara Bank, Having Its Branch Office At 18, Community Centre,
Ashok Vihar, New Delhi - 110052. Circle Office At Ansal Towers,
Nehru Place, New Delhi - 110019. Head Office At 112, J.c. Road,
Bangalore - 560002
----Respondent
For Petitioner(s) : Mr.RK Agrawal, Sr.Adv. with Adhiraj Modi For Respondent(s) :
HON'BLE MR. JUSTICE ASHOK KUMAR GAUR Order 09/11/2020 Learned Senior Counsel Mr.RK Agrawal, assisted by learned counsel Mr.Adhiraj Modi, submitted that Debt Recovery Appellate Tribunal, Delhi, while passing order dated 16 th October, 2020, has refused to grant waiver of pre-deposit of 25% of the recoverable debt.
Learned counsel submitted that the petitioner company had specifically requested that Bank has already recovered Rs.6,58,86,707/- out of Demand Notice of Rs.21,89,63,764/-.
Learned counsel submitted that issuance of notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 asking to deposit certain amount does not necessarily mean that the (Downloaded on 12/11/2020 at 10:12:33 PM) (2 of 3) [CW-13081/2020] amount, which is recovered by the Bank, should not be adjusted against pre-deposit of 25%.
Learned counsel also submitted that the petitioner company had also deposited Rs.15,00,000/- to the respondent Bank against their outstanding debts after order of the Debt Recovery Tribunal.
Learned counsel submitted that the matter requires consideration and as such, he refers to the order dated 19 th February, 2013 passed by Punjab & Haryana High Court in Civil Writ Petition No.10957/2012 (M/s. SR Forging Ltd. & Anr. Vs. UCO Bank & Ors.) as well as to the order dated 30 th August, 2013 passed by Delhi High Court in Writ Petition (C) No.5400/2013 (Kanti Lal Sadh & Ors. Vs. Indian Overseas Bank).
Issue notice of the writ petition as well as stay application, returnable on 7th December, 2020. Notices be given 'dasti', if prayed.
In the meanwhile, if the petitioner company deposits Rs.1 Crore with the respondent Bank within a period of four weeks, the effect and operation of the order dated 21 st February, 2019 passed by Debts Recovery Tribunal, Jaipur in SA No.160/2019 (M/s. Shiva Stainless Steel Pvt. Ltd. & Ors. Vs. Canara Bank) shall remain stayed.
This Court further, as an interim measure, restrain the respondent Bank to proceed further to take any physical possession of immovable property of the petitioner company as given out in Notice dated 3 rd November, 2020, i.e., Industrial Land and Building, situated at G-63, RIICO Industrial Area, Bhiwadi, Rajasthan, Industrial Property, situated at R-2, Industrial Area, (Downloaded on 12/11/2020 at 10:12:33 PM) (3 of 3) [CW-13081/2020] Bhiwadi, Rajasthan and Residential property at B-30, Ground Floor, Ashiana, Bhiwadi, Rajasthan.
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