Punjab And Sind Bank vs Frontline Corporation Ltd on 18 April, 2023
12. Defendant no. 2 initiated SARFAESI proceedings against
the plaintiffs, and thereafter, the Framework Agreement was
executed, under which the loans were to be settled. The
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2-IA-4596-2025.docx
plaintiffs did not comply with the mandatory provision under
Section 12-A of the said Act, on the grounds of seeking interim
relief, relying on the terms and conditions of the Framework
Agreement. However, defendant no. 2 has not signed the
agreement. Hence, in view of the SARFAESI proceedings
initiated by defendant no. 2, relief in this suit against defendant
no. 2 would be barred by the provision of Section 34 of the
SARFAESI Act. To support his submissions, learned counsel for
the plaintiffs relied upon the decision of the Apex Court in
Punjab and Sind Bank vs. Frontline Corporation Limited 6.