72 BPM PVT. LTD Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This petition is directed against order dtd. 13/12/2022 in Case No. 12647/2022 passed by learned ACMM, Patiala House Courts, New Delhi, whereby, the concerned court directed for appointment of Receiver and to take the physical possession of the mortgaged property and to file compliance report in the office.

(2.) Learned counsel appearing on behalf of petitioners submits that the impugned order is palpably wrong. The same has been passed without considering the material facts, resulting in grave injustice to the petitioners.

(3.) Learned counsel appearing on behalf of the petitioners, while referring notices dtd. 20/10/2015 and 20/7/2016, states that the respondent-Bank is resorting to adopt malpractices while issuing two different notices, mentioning different amounts. According to him, the One Time Settlement (hereinafter "OTS") was already entered into and once the OTS was entered into and partly acted upon by the petitioners, it was incumbent upon the respondent-Bank to have considered the earlier notice to be non-est in the eyes of law. The impugned order dtd. 13/12/2022 is based upon the earlier notice dtd. 20/10/2015 which ought not to have been relied upon by the respondent-Bank. He has pointed out various practical difficulties to indicate that the petitioners with bona fide intent, had entered into the OTS with all fairness as they wanted to re-pay the loan amount.