Madhya Pradesh High Court
M/S. Crest Steel And Power Private ... vs Punjab National Bank on 24 November, 2017
1 M.P. No.1124/2017
M.P. No.1124/2017.
Jabalpur, dated 24/11/2017.
Shri Manoj Sharma, learned counsel with Shri
Rajmani Mishra, learned counsel for the petitioners.
Shri Praveen Chaturvedi, learned counsel for the
respondents.
Heard.
By this petition, the petitioners have challenged the order dated 22.09.2017 passed by the Presiding Officer of the Debts Recovery Tribunal, Jabalpur granting time to file written statement subject to deposit of Rs.50,00,00,000/- in the loan account and Rs.2,00,00,000/- in the PM National Fund as also the order dated 16.11.2017 whereby, the petitioners' right to file the written statement has been closed.
Learned counsel appearing for the respondents has raised the preliminary objection that the petitioners have remedy of filing an appeal under Section 20 of The Recovery of Debts Due To Banks And Financial Institutions Act, 1993. He has also produced the order dated 22.08.2017 passed in Writ Petition No.9710/2017 in the case of Vinay Chaturvedi Vs. Punjab National Bank wherein, in the similar circumstances, in a writ petition against the closure of right to file the written statement, the Coordinate Bench of this Court has taken a view that the remedy of appeal under Section 20 should be availed.
Learned counsel appearing for the petitioners at this stage has prayed for a limited protection submitting that the 2 M.P. No.1124/2017 Tribunal has already fixed the case for final arguments on 20.11.2017 and if the O.A. itself is decided before the petitioners get an opportunity to prefer an appeal then the interest of the petitioners will be prejudicely affected. Though learned counsel appearing for the respondents has opposed the prayer but considering the circumstances of the case, I am of the opinion that the petitioners should approach the Appellate Tribunal within a reasonable period and till then, the right of the petitioners should be preserved.
Accordingly, this petition is disposed of by giving liberty to the petitioners to avail the remedy of appeal. If such an appeal/stay application is filed by the petitioners, the same will be considered by the Appellate Tribunal expeditiously without any delay.
In order to give some breathing time to the petitioners, it is directed that the Debts Recovery Tribunal will not hear the matter finally for a period of three weeks' from today.
Certified copy today.
(PRAKASH SHRIVASTAVA) JUDGE Devashish Digitally signed by DEVASHISH MISHRA Date: 2017.11.24 15:46:07 +05'30'