Supreme Court - Daily Orders
M/S Panwar Steels Limited vs Indian Overseas Bank on 9 July, 2021
Bench: Rohinton Fali Nariman, K.M. Joseph, B.R. Gavai
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IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 2395 OF 2021
[@ SPECIAL LEAVE PETITION (C) NO. 488 OF 2021]
M/S PANWAR STEELS LIMITED & ANR. Appellant (s)
VERSUS
INDIAN OVERSEAS BANK Respondent(s)
O R D E R
Leave granted.
This appeal is filed against the dismissal of a writ petition by the Punjab and Haryana High Court against the order of the Debts Recovery Tribunal, in which the deposit of 50% of the total outstanding debt has been ordered.
After hearing the learned counsel on both sides, it is not necessary to recapitulate the facts, except to state that out of a total figure of Rs. 4.55 crores, Rs. 3 Crores have been recovered by the Bank, both out of the amounts that have been paid by the appellant(s) as well as from the mortgaged properties which have been sold. This being the case, the outstanding amount would be in the region of Rs. 1.55 Crores. We are of the view that the mandate of Section 21 of The Recovery of Debts Due to Banks and Signature Not Verified Digitally signed by Jayant Kumar Arora Date: 2021.07.12 Financial Institutions Act, 1993, that a minimum 16:44:46 IST Reason: deposit of 25% be made, has to be followed, as a result of which, the appellant(s) is/are required to 2 deposit 1/4th of this balance amount, which amounts to Rs. 39 Lakhs, within a period of 12 weeks from today.
Ordered accordingly.
In view of above, the appeal is disposed of. Pending interlocutory application(s), if any, is/are disposed of.
.......................J. [ ROHINTON FALI NARIMAN ] .......................J. [ K. M. JOSEPH ] .......................J. [ B. R. GAVAI ] New Delhi;
JULY 09, 2021.
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ITEM NO.26 Court 2 (Video Conferencing) SECTION IV-B
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition(s) for Special Leave to Appeal (C) No(s). 488/2021
(Arising out of impugned final judgment and order dated 23-12-2020 in CWP No. 22552/2020 passed by the High Court Of Punjab & Haryana At Chandigarh) M/S PANWAR STEELS LIMITED & ANR. Petitioner(s) VERSUS INDIAN OVERSEAS BANK Respondent(s) (IA No. 41833/2021 - APPLICATION FOR PERMISSION) Date : 09-07-2021 This matter was called on for hearing today. CORAM : HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN HON'BLE MR. JUSTICE K.M. JOSEPH HON'BLE MR. JUSTICE B.R. GAVAI For Petitioner(s) Mr. R. S. Hegde, Adv.
Mr. Farhat Jahan Rehmani, AOR Mr. Shanti Prakash, Adv.
For Respondent(s) Mr. Krishan Kumar, AOR UPON hearing the counsel the Court made the following O R D E R Leave granted.
The appeal is disposed of in terms of the signed order. Pending interlocutory application(s), if any, is/are disposed of.
(JAYANT KUMAR ARORA) (NISHA TRIPATHI) COURT MASTER BRANCH OFFICER
(Signed order is placed on the file)