INVENT ASSETS SECURITIZATION AND RECONSTRUCTION PRIVATE LIMITED Vs. PUNJAB NATIONAL BANK
HIGH COURT OF DELHI
Invent Assets Securitization And Reconstruction Private Limited
PUNJAB NATIONAL BANK
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VIBHU BAKHRU,J. -
(1.)The petitioner has filed the present petition impugning an order dtd. 5/7/2019 (hereafter 'the impugned order') passed by the learned Debts Recovery Appellate Tribunal (hereafter 'the DRAT') directing the petitioner to make a deposit of 50% of the debt in question as adjudicated by the learned Debts Recovery Tribunal-I (hereafter 'the DRT').
(2.)The petitioner was called upon to make a pre-deposit in terms of Sec. 21 of the Recovery of Debts and Bankruptcy Act, 1993 (hereafter 'the RDB Act') in the context of the petitioner's appeal (Appeal No.168/2019) against an order dtd. 21/2/2019 passed by the DRT in O.A. No.178/2016.
(3.)The learned counsel appearing for the petitioner submits that the impugned order is onerous as the petitioner is not a borrower. He states that respondent no.1, Punjab National Bank (PNB) had instituted the said action (O.A. No.178/2016) in respect of funds lent to one Supreme Alloys Limited (hereafter 'the borrower') against the security interest created in a property bearing Plot No. 575- 67 measuring 4321 sq. yards under Khasra No. 58, 62-66, 569-571, 573-577, Village Bisnoli, Dujana Road, Dadri, Distt. Gautam Budh Nagar, Noida sold by the petitioner for enforcement its security interest. He submits that the petitioner was an assignee of a financial asset by respondent no.6 (Jammu and Kashmir Bank Ltd.). It had, accordingly, acquired security interest in the subject property which was, thereafter, sold to the borrower. He submits that there was no privity between the petitioner and PNB and therefore, the petitioner is not liable to pay any amount to PNB.
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