M S PRINCE STEEL INDUSTRIES vs MR VIVEK RAJ SINGH on 14 May 2025

Court of the Presiding Officer Debts Recovery Tribunal, Jaipur * Item No. 79 Case No. MA/81/2021 IN SA/208/2020 M S PRINCE STEEL INDUSTRIES Vs MR VIVEK RAJ SINGH Date: 14.05.2025. Proceedings through hybrid mode Present: Shri R K Salecha, Counsel for the Applicant Shri Rajkumar, Counsel for the Respondent Bank/FI This contempt application is moved against Sh. Vivek Raj Singh Officer of the Bank and according to the counsel for the MA applicant, the authorized officer has violated the “status quo” order passed by the Tribunal. It is submitted that during the operation of this order, the bank has refunded the auction money to the Auction Purchaser. On the other hand, counsel for the bank submits that in Para no. 3 of the application, it is submitted that MA applicant has reliably learnt that in accordance with the direction the amount of Rs. 39,53,165/- has been returned to M/s Rajshree Industries. The applicant herein has failed to disclose that such a situation arose only because of their interim application placed before this Tribunal for taking plant & machinery at the bid amount which was allowed and plant & machinery was taken back by the SA applicant itself. Therefore, when a final order is passed directing refund of the amount through amount was refunded earlier and Predecessor of the Tribunal has already condoned the act of the refund and rectifies that action. 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.

Court of the Presiding Officer

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(Vimal Gupta) Presiding Officer