JASWANT SINGH Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This is an application under Article 227 of the Constitution of India against' order dated September 1, 2005 passed by the learned Chairperson, Debts Recovery Appellate Tribunal, Kolkata in Appeal No. 32 of 2005.

(2.) The learned Chairman, by the order impugned, declined to grant stay of the operation of the order appealed against before the said Appellate Tribunal.

(3.) By Order No. 71 dated August 22, 2005 the learned Presiding Officer, Debts Recovery Appellate Tribunal, Kolkata-I, infer alia, held that Mohan Ram Associates, the certificate debtor No. 2, was entitled to deposit the certificate amount and to redeem the property mortgaged by the certificate debtor No. 1, Electrical Industries Corporation, to the certificate holder, Punjab National Bank. The said order recorded that the said certificate debtor has already deposited Rs. 2.45 crore on July 1, 2004 with the bank and, therefore, liberty was granted to the bank to appropriate the certificate amount due as on June 30, 2004 out of the said Rs. 2.45 crore; if there be any balance, that should be returned to the certificate debtor No. 2. The bank was directed to deliver the title deeds of the properties mortgaged to the certificate debtor No. 2 and to issue no due certificate indicating that title deeds have been delivered to the certificate debtor No. 2. The bank was, also, directed to return the entire amount deposited by the certificate debtor No. 14, Jaswant Singh, with interest, if any, from the date of deposit till the date of return.