STATE BANK OF INDIA Vs. NEERAJ SALUJA

JUDGEMENT

(1.) Prayer in this petition is for directing the District Judge, Nawanshahar to dismiss the appeal i.e. CMA No.32 of 2019 (Annexure P12) pending before the District Judge, Nawanshahar; vacate the interim relief continuing in favour of respondents No.1 and 2 granted vide order dated 09.08.2019 (Annexure P13) by the Appellate Court and to direct the Appellate Court to dispose of the aforesaid appeal within a period of 04 weeks.

(2.) While issuing notice of motion, the following order was passed by this Court on 17.09.2020:-

(3.) Brief facts of the case are that Neeraj Saluja and SEL Manufacturing Company Limited (hereinafter referred to as "respondents/plaintiffs No.1 and 2") filed a civil suit dated 28.08.2018 (hereinafter referred to as "petitioner/defendant No.1"), praying for a decree that the amount of interest subsidy be computed to which plaintiff No.2 is entitled; pass a decree in favour of plaintiff No.2 against defendants No.1 to 17 by adjusting the amount of interest subsidy as per the Government Policy; pass a decree of declaration that defendants No.1 to 17 are bound to comply with the terms of Master Restructuring Agreement (M.R.A.) and release the balance term loan/working capital loan to plaintiff No.2; to compute the amount of balance term/working capital loan; to compute the amount of loss or profit to plaintiff No.2 and adjust the loss along with interest in favour of plaintiff No.2; pass a decree of declaration that defendants cannot send a notice of default to plaintiffs and cannot take coercive proceedings/recovery proceeding and to pass a decree of declaration that the notices of default issued by defendants to plaintiff No.2 Company, are null and void and further a decree of permanent injunction be granted against issuance of the notice of willful default and recalling of the loan amount.