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R.K.AGRAWAL, A.M.SAPRE
Agarwal Tracom Pvt. Ltd. – Appellant
Versus
Punjab National Bank – Respondent
Based on the provided legal document, the auction purchaser is considered a person aggrieved by measures taken by a secured creditor under the relevant section of the law. Specifically, the auction purchaser falls within the scope of "any person" who is entitled to challenge actions such as forfeiture of deposit before the designated tribunal. The law recognizes that auction purchasers, as parties directly affected by measures like forfeiture, have the standing to file applications challenging such measures. Therefore, the auction purchaser is classified as an aggrieved person with the legal right to seek redress through the appropriate statutory remedy before the designated tribunal.
JUDGMENT
Abhay Manohar Sapre, J.
1. Leave granted.
2. This appeal is directed against the final judgment and order dated 11.05.2016 passed by the High Court of Delhi at New Delhi in LPA No.699 of 2015 whereby the Division Bench of the High Court dismissed the appeal filed by the appellant herein for quashing the order dated 01.09.2015 passed by the Single Judge, which dismissed the appellant’s W.P.(c) No.8314 of 2015.
3. The controversy involved in the appeal centers around the short facts and is essentially a legal one. However, few relevant facts need mention, in brief, to appreciate the controversy.
4. Respondents-Punjab National Bank(hereinafter referred to as "PNB") is a Nationalised Bank. The PNB had given loan facility to a Company called "M/s India Iron & Steel Corporation Limited" (in short, "Borrower”) for their business, which they were carrying at a place called Noorpur Khirki, Village Farid Nagar, Tehsil Dhampur, District Bijnor (U.P.).
5. To secure the loan amount, the Borrower had secured their assets, which consisted of the land, factory building, plant and machinery situated at Dhampur. The Borrower, however, failed to clear their loan amount and became a defaulter
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