R.N. KNITFAB Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Petitioner, a third party is seeking review of following judgment dated 30.08.2019, passed in CWP No.1610 of 2019 titled as R.N. Knitfab (P) Limited vs. The Punjab National Bank:-

(2.) Review has been sought on the grounds that:- The plant and machinery sold by the bank to M/s R.N. Knitfab (P) Limited and ordered to be lifted by this Court vide judgment dated 30.09.2019 belongs to review petitioner; the plant and machinery were neither mortgaged by the review petitioner in favour of the bank nor any guarantee with respect to same was furnished by it. Therefore, it has been contended that sale of such plant and machinery by the bank in favour of M/s R.N. Knitfab (P) Limited was illegal. Accordingly, judgment dated 30.09.2019, directing handing over the possession of plant and machinery in favour of M/s R.N.Knitfab (P) Limited is liable to be recalled and reviewed.

(3.) We have heard Mr. Ajay Sharma, learned Senior Counsel with Mr. Rakesh Chaudhary, learned counsel for the review petitioner, Mr. Satyen Vaidya, learned Senior Counsel with Mr. Arvind Sharma, learned counsel for Punjab National Bank and Mr. Rajesh Kumar Parmar, learned counsel for M/s R.N. Knitfab (P) Limited and gone through the record.