garment Craft vs Panjab National Bank on 16 May 2025

Court of the Presiding Officer Debts Recovery Tribunal, Jaipur * Item No. 136 Case No. MA/87/2023 IN SA/45/2014 GARMENT CRAFT Vs PANJAB NATIONAL BANK Date: 16.05.2025. Proceedings through hybrid mode Present: Shri Anil Kumar Sharma, Counsel for the Applicant along with applicant Shri B C Jain, Counsel for the Respondent Bank/FI along with authorized officer An IA is moved by Ms. Manju Garg and Shivani Gupta to become co- applicant. It is prerogative of SA applicant as to who can be the applicant and IA applicants are not necessary parties wherein they could have filed fresh SA, but having not chosen to file SA they have lost the opportunity to challenge any action. It has been countered that bank shall give No Dues Certificate/ NOC for all accounts and ROC charge shall be deposited within 30 days. All original title deeds will be returned to mortgagors/ owners. Excess amount along with accrued interest shall be paid within 30 days and Tax deducted certificate shall also be issued. The goods lying at bank storage shall be removed as it is what it is basis within 30 days. The bank is claiming rent and applicant is claiming Court of the Presiding Officer

* interest at higher rates, but let this be off set against each other i.e. Bank will not claim rent and applicant will not claim higher interest. All pending litigations to be withdrawn by parties. In view of the above submissions, this Misc. Application stands disposed off. File be consigned to record, as per rules. Copy of order be uploaded on website. In case of any exigency, concerned parties can move appropriate application.

(Vimal Gupta) Presiding Officer