NAGORI PLY ARCADE LTD. Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The Court : Both the applications being GA 2407 of 2016 (application for amendment) and GA 2773 of 2016 (application praying for an order directing the defendant to furnish the security of rupees one crore seventy-five lakh) are taken up together. However, for convenience, GA 2407 of 2016 is taken up first. G.A. 2407 of 2016 has been filed in C.S. No.293 of 2014 by the defendant, Punjab National Bank, praying for amendment to the written statement filed by it earlier. It is stated that the defendant filed a written statement on 17th November, 2014. Subsequent to the filing of the written statement certain events occurred which are extremely relevant and material for the purpose of adjudication of the issues involved in the suit and, according to the defendant, those subsequent events should be incorporated in the written statement by way of amendment and the defendant prays for filing additional written statement on such amendment being allowed.

(2.) According to the defendant, subsequent to the institution of the suit plaintiff filed an application being G.A. No.2490 of 2014 and made the following prayers :

(3.) The said application was allowed by an order dated 27th August, 2014 by a Hon'ble Single Bench of this Court. In the said order it was recorded by the Hon'ble Single Judge that the plaintiff deposited earnest money and was ready and willing to deposit the balance consideration. It was, prima facie, appeared before the Hon'ble Judge that the defendant Bank was unable to convey the property and in view thereof, the Hon'ble Judge restrained the defendant from dealing with and/or encumbering and/or disposing of the property in question until further orders.