AJAIB SINGH TAKHAR Vs. UNION OF INDIA

JUDGEMENT

(1.) Although this matter comes up for disposal of CM. No. 15659 of 1999 filed by the petitioners for extension of time fixed by the Court on 14. 5. 1999 for deposit of Rs. 4 lacs which they had undertaken to do, but in view of the objection raised by Shri J. C. Batra, learned counsel for respondent No. 4, arguments have been heard on the issue of maintainability of the writ petition.

(2.) A perusal of the record shows that after having filed appeal under Section 20 of the Recovery of Debts Due to the Bank and Financial Institutions Act, 1993 (hereinafter referred to as 'the Act'), the petitioners invoked writ jurisdiction of this Court on the ground that the Appellate Tribunal constituted under the Act is not functional.

(3.) At the motion hearing, the Court felt persuaded to issue notice in view of the undertaking given by the petitioners to deposit a sum of Rs. 4 lacs with respondent No. 4 i. e. , the Bank of Punjab within a period of one month. The order dated 14. 5. 1999 passed by the Bench reads as under:" Present: Mr. R. L. Batta, Senior Advocate with Mr. Sanjay Tangri, Advocate. Petitioners through their counsel have undertaken to deposit a sum of Rs. 4,00,000/- with respondent No. 4 within a period of one month from today. Notice of motion for 14. 7. 1999. Till further orders, auction fixed for 21. 5. 1999 shall remain stayed. "