Bhupendra Jayvirsingh Yadav vs Punjab National Bank
2021 Latest Caselaw 13135 Guj

    C/SCA/10511/2021                                 ORDER DATED: 01/09/2021




           IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

            R/SPECIAL CIVIL APPLICATION NO. 10511 of 2021

                                With
            R/SPECIAL CIVIL APPLICATION NO. 10629 of 2021
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                       BHUPENDRA JAYVIRSINGH YADAV
                                  Versus
                          PUNJAB NATIONAL BANK
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Appearance:
GAYATRI P VYAS(9391) for the Petitioner(s) No. 1,2
MR. VN. SEVAK(3791) for the Respondent(s) No. 1
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 CORAM:HONOURABLE MR. JUSTICE NIKHIL S. KARIEL

                              Date : 01/09/2021

                               ORAL ORDER

1. Heard learned Advocate Mr. Mahesh Bhavsar with learned Advocate Mr. Gayatri P. Vyas on behalf of the petitioners and learned Advocate Mr. V.N. Sevak for the respondent - Bank.

2. Vide an order dated 10.08.2021, this Court while issuing notice had interalia recorded submissions on behalf of the petitioners that there are ready to deposit the entire due amount of approximately Rs. 55,00,000/- to Rs.60,00,000/- and whereas the petitioners are ready to deposit an amount of Rs.20,00,000/- within a period of 15 days further more another Rs.20,00,000/- would be deposited within a period of one month and on such statement made before this Court, the further proceedings with regard to an order dated 09.06.2021 issued by the District Magistrate, Ahmedabad under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act had been directed to be stayed by this Court.

C/SCA/10511/2021 ORDER DATED: 01/09/2021

3. Today, a withdrawal purshish is presented before this Court by the petitioners submitting that since the interim order could not be complied with, therefore, the petitioner proposes to withdraw the present petitions from the Court.

4. It is informed to this Court by learned Advocate Mr. Sevak that after interim order passed by this Court on 10.08.2021, the property in question had been subjected to auction on 12.08.2021 and that auction had failed since there were no bidders for the property.

5. Prima facie it appears to the Court that at the relevant point of time, the petitioners apprehending coercive action of dispossession on account of impending auction, had approached this Court with a proposal and the Court inspite of the limitations placed by the Supreme Court in the various judgments in exercising jurisdiction under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act Act, had thought it fit to interfere, keeping in view the fact that the petitioners had submitted a proposal for repaying entire dues of the Bank. It appears to the Court that since the auction has failed, therefore, the proximate apprehension of the petitioner did not remain and therefore, now they want to back out from the statement made before this Court. In this view of the matter, while permitting withdrawal of the petitions, the Court deems it appropriate to impose a costs upon the petitioner to the tune of Rs.15,000/- in each petition, which shall be deposited in the Gujarat State Legal Services Authority within a period of one week from today and the compliance to be reported to the Registry of this Court. If such compliance is not made, the matter shall be placed before this Court for appropriate orders.

6. With these above observations and directions, both the petitions are

C/SCA/10511/2021 ORDER DATED: 01/09/2021

disposed of as withdrawn.

7. It is made clear that this Court has not gone into the merits of the matter and it will be open for the petitioners to avail appropriate legal remedy, if they so desire.

(NIKHIL S. KARIEL,J) VARSHA DESAI