9911796707
TMI Blog2022 (3) TMI 991X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2003 and case No. 45 of 2005 and AAIFR Appeal No. 100 of 2015 and direction to Respondent No. 1 and 2 to release the FDR bearing No. 50300165044890 and FDR bearing No. 50300165237802 for amount to Rs. 1,35,00,000/- dated 05.10.2016 each respectively, deposited by the applicant in terms of order passed AIFR. 2. It is submitted that the petitioner is a debtor and the respondent No. 3 is the only secured creditor having total principal outstanding of Rs. 290/- Lacs. The petitioner was declared as sick unit under SICA on 24.05.2006, the petitioner was directed to deposit the 100% principal outstanding to the respondent No. 3. 3. It is averred that petitioner had already deposited Rs. 20/- Lacs earlier to show its bona fide, therefore, on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the FDRs, wrote the applicant to get the orders from the competent authority for the release of FDRs to the applicant (Annexure A-17). 6. It is contended by the applicant that it approached the Hon'ble Punjab and Haryana High Court for the appropriate orders, which relegated the applicant to this Hon'ble Tribunal (Annexure A-20). 7. Summarily, it is submitted by the applicant that original FDRs have been lost in the records. On the orders of this Tribunal, the Bank (Respondent No. 4 and 5 impleaded at later stage) can directly encash the FDRs to the applicant on the basis of the record provided by the Bank from their archives which is placed on record Annexure A-21 and A-22 vide Diary No. 0071 dated 13.01.2022, so that the payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 021 by this Adjudicating Authority and the respondent No. 4 and 5 were directed to trace out the original record pertaining to FDRs. On 02.12.2021, it was stated by Mr. Gurpreet Singh, Branch Manager on behalf of respondent No. 4 & 5 that above said original FDRs are not available in the Bank record, however scanned copies of FDRs have been handed over to the learned counsel for the applicant. 12. Keeping in view the above-mentioned facts and circumstances, it can be safely concluded that original FDRs have been misplaced and are not traceable despite all efforts and sources. It is expedient in the interest of justice, that when the applicant is admittedly entitled to encash the said FDRs then respondent Nos. 4 & 5 are directed to prepare ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
