Bombay High Court
Punjab National Bank, Applicant vs Soumit Ranjan Jena on 5 August, 2025
Author: R.I. Chagla
Bench: R.I. Chagla
12-NMIS 19.2025 in INPT 2.2016.doc
Kavita S.J.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
NOTICE OF MOTION NO.19 OF 2025
IN
INSOLVENCY PETITION NO.2 of 2016
Punjab National Bank ...Applicant
In the matter between:
Soumit Ranjan Jena ...Judgment Debtor
Versus
Indian Steel & Infrastructure Pvt. Ltd., ...Petitioning Creditor
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Ms. C.J. Bhatt, Official Assignee a/w Mr. Subodh Patil, Deputy
Official Assignee & Mr. D.B. Iswalkar, 1 st Assistant, Official Assignee
present.
Mrs. Rekha Rane, Insolvency Registrar present.
Mr. Vinod Nagula a/w Ms. Savita Nangare, Ms. Disha Shah i/b Law
Focus for Applicant - Punjab National Bank.
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CORAM : R.I. CHAGLA, J.
DATED : 5TH AUGUST, 2025.
ORDER :
1. By this Notice of Motion, the Applicant has sought for
KAVITA directions to the Official Assignee to handover physical possession of
SUSHIL
JADHAV
the Secured Asset No.3 i.e. Office No.A-205, A Wing, 2 nd Floor,
Everest Grande Commercial Premises CSL., Mahakali Caves Road,
12-NMIS 19.2025 in INPT 2.2016.doc
Near Ahura Centre, Shanti Nagar, Andheri East, Mumbai - 400 093.
2. The learned Counsel appearing for the Applicant states
that the three Secured Assets have been described in Paragraph 3(d)
(1) (i), (ii) & (iii) of the Affidavit-in-Support of Notice of Motion.
This Court in Appeal (L) No.570 of 2018 vide Order dated 25th
February, 2019 allowed the Applicant to adopt measures qua the said
Secured Assets under the provisions of SARFAESI Act pursuant to
which the Official Assignee was to handover physical possession of
the Secured Asset Nos. 1 & 2 to the Applicant on 22nd April, 2019.
3. The Applicant has attempted auction of the Secured
Asset Nos. 1 and 2 and pursuant to which successful bidder has bid
Rs.3.95 Crores which has been accepted and after receipt of the
entire sale consideration, a Share Certificate dated 24th December,
2022 came to be issued in respect of the Secured Asset Nos. 1 and 2.
4. It is further stated by the Applicant that various auctions
for Secured Asset No.3 were conducted and last auction was
conducted on 14th November, 2019 which failed for want of bidders.
The Applicant approached the Official Assignee seeking formal
handover of the Secured Asset No.3. The Applicant has stated that
12-NMIS 19.2025 in INPT 2.2016.doc
inspite of earlier decision of this Court, the Official Assignee declined
to handover the physical possession of the Secured Asset No.3 and
directed the Applicant to take necessary steps for the same.
5. The Applicant has stated that it has initiated action qua
the Secured Assets under the provisions of SARFAESI Act which
resulted in successful sale of Secured Asset Nos. 1 and 2. However,
the Applicant is unable to take steps in respect of the Secured Asset
No. 3, as the possession of the same has not been handed over by the
Official Assignee. The Applicant states that it is now in the process of
the sale of the Secured Asset No.3 under the provisions of the
SARFAESI Act and as part of the process, the Applicant is required to
provide physical inspection of the Secured Asset in order to maximise
participation by the bidders for a successful auction and that the
Official Assignee be directed to handover possession of the Secured
Asset No.3 to the Applicant.
6. The learned Counsel appearing for the Applicant states
that in the event of successful sale of the Secured Asset No.3 and sale
proceeds being in excess of claim of the Applicant, the balance sale
proceeds shall be deposited with the Official Assignee for the purpose
12-NMIS 19.2025 in INPT 2.2016.doc
of these proceedings and that Affidavit of Undertaking shall be filed
by the Applicant to this effect.
7. The learned Official Assignee has no objection to the
relief sought for in the above Notice of Motion subject to such
undertaking being filed by the Applicant.
8. Accordingly, having considered the averments in the
Affidavit-in-Support of the Notice of Motion as well as prior order in
Appeal (L) No.570 of 2018 dated 25th February, 2019, the relief
sought for in the Notice of Motion is required to be granted subject to
the Applicant filing an Affidavit of Undertaking, within a period of
two weeks from the date of this order.
9. Accordingly, the Notice of Motion is allowed by directing
the Official Assignee to handover formal possession of Secured Asset
No.3.
10. This shall be subject to the Applicant filing an Affidavit of
Undertaking to the effect that in the event of sale of the Secured
Asset No.3 and sale proceeds being in excess of claim of the
Applicant, the balance sale proceeds shall be deposited with the
12-NMIS 19.2025 in INPT 2.2016.doc
Official Assignee towards these proceeding.
11. The Affidavit of Undertaking shall be filed by the
Applicant within a period of two weeks from today.
12. The Notice of Motion is accordingly disposed of. There
shall be no orders as to costs.
[R.I. CHAGLA, J.]
