M/S Chugh Kihad Bhandar Through Its And ... vs Punjab National Bank
2024 Latest Caselaw 5563 P&H

Punjab-Haryana High Court

M/S Chugh Kihad Bhandar Through Its And ... vs Punjab National Bank on 12 March, 2024

Author: Lisa Gill

Bench: Lisa Gill

                                                     Neutral Citation No:=2024:PHHC:034769-DB




                                                              2024:PHHC:034769-DB
123
        IN THE HIGH COURT OF PUNJAB AND HARYANA AT
                       CHANDIGARH

                                           CM-4003-CWP-2024 in/and
                                           CWP-4948-2024
                                           Date of Decision: 12.03.2024

M/s Chugh Khad Bhandar and others
                                                                   ..... Petitioners
             Versus
Punjab National Bank
                                                                 ..... Respondent

CORAM:- HON'BLE MRS. JUSTICE LISA GILL
        HON'BLE MRS. JUSTICE AMARJOT BHATTI

Present:     Mr. Arun Gupta, Advocate
             for the applicants/petitioners.

             Mr. Gaurav Goel, Advocate
             for respondent-Bank.

                          ****

LISA GILL, J.(oral)

CM-4003-CWP-2024

1. Prayer in the application is for preponement of present writ

petition i.e. CWP-4948-2024 from 18.03.2024 to some early date of

hearing.

2. At request and with consent of learned counsel for parties,

hearing of writ petition is preponed from 18.03.2024 for today itself.

3. CM is disposed of accordingly.

CWP-4948-2024

4. Prayer in this writ petition is for quashing sale/auction notice

dated 09.02.2024 (Annexure P-7), notice dated 29.01.2024 (Annexure P-5),

notice dated 21.12.2023 issued under Section 13(4) of Securitization and

Reconstruction of Financial Assets and Enforcement of Security Interest

Act, 2002 (for short 'SARFAESI Act') and impugned notice dated

22.09.2023 issued under Section 13(2) of SARFAESI Act issued by

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Neutral Citation No:=2024:PHHC:034769-DB

respondent-Bank. There is a further prayer for directing respondent-Bank

not to proceed with property of petitioners and to stay operation of

aforementioned impugned notice(s).

5. Availing of financial facility by the petitioners, subsequent

financial indiscipline and initiation of proceedings under SARFAESI Act

against petitioners by respondent-Bank is a matter of record.

6. It is undeniable that SARFAESI Act is a complete Code in

itself which does not call for any interference by this Court in exercise of

jurisdiction under Article 226 of Constitution of India at this stage except

in exceptional or extra-ordinary circumstances. Gainful reference in this

regard can be made to judgments of Hon'ble the Supreme Court in Union

Bank of India v. Satyawati Tandon and others, others, 2010(8) SCC 110 and M/s

South Indian bank Ltd. and others v. Naveen Mathew Philip and another, another,

2023(2) RCR (Civil) 771.

7. When faced with above judgments, learned counsel for

petitioners seeks to withdraw this writ petition with liberty to avail

statutory remedy(ies) available to petitioners in accordance with law.

8. Dismissed as withdrawn with liberty as aforementioned. There

is no expression of any opinion on merits of matter.

9. Pending miscellaneous application(s), if any, stand disposed of

accordingly as well.

                                                              (LISA GILL)
                                                                 JUDGE



12.03.2024                                                  (AMARJOT BHATTI)
lalit                                                           JUDGE
             Whether speaking/reasoned:            Yes/No
             Whether reportable:                   Yes/No

Neutral Citation No:=2024:PHHC:034769-DB

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