PACIFIC SPIRITS (P) LTD Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) BY an order dated 12.10.2012 in S.A.109/2011, I.A. No.829/2012 was disposed of by the Debts Recovery Tribunal-I whereby the Petitioner was directed to deposit a sum of Rs.1 Crore within one week and a further sum of Rs.5 Crores within 21 days. The Petitioner was further directed to file an affidavit-cum-undertaking in this regard by 17.10.2012. The relevant portion of the order dated 12.10.2012 is extracted hereunder:

(2.) THE Petitioner's grievance is that during pendency of the proceedings before the learned Debts Recovery Tribunal-I, Delhi, a portion of plot No.EXT/SP-3 & EXT/SP-3(A), Industrial Area, Shahjahanpur, 111 Km stone, Delhi-Jaipur Highway NH-8, Distt. Alwar(Rajasthan) an area of 70518.8 sq yd was bifurcated by RIICO which could have liquidated major portion of the outstanding loan in the name of the Petitioner. It is urged that in the circumstances, the order dated 12.10.2012 passed by the Debts Recovery Tribunal-I, Delhi was unjustified as the Petitioner was not in a position to make the arrangements as mentioned in the order.

(3.) I have perused the record. In the circumstances, the Petitioner is granted protection against taking physical possession of the property by the Respondent Bank in pursuance of the order dated 12.10.2012 and the notice dated 25.10.2012 till 21.11.2012.