Kut Energy Pvt. Ltd. vs Authorized Officer, Punjab National Bank, Large Corporate Branch, Ludhiana

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2019 Supreme(SC) 895

UDAY UMESH LALIT, VINEET SARAN
Kut Energy Pvt. Ltd. – Appellant
Versus
Authorized Officer, Punjab National Bank, Large Corporate Branch, Ludhiana – Respondent

Advocates Appeared:
For the Appellant(s) :P.S. Patwalia, Yashraj Singh Deora, Sonal Mashankar, Shyam Agarwal, M/s. Mitter & Mitter Co., Advocates
Mr. Vipin Nair, Advocate, Mr. P.B. Suresh, Advocate, Mr. Karthik Jayashankar, Advocate, Mr. Kishore Kunal, Advocate, Mr. Balaji Srinivasan, Advocate, Mr. Alok Kumar, Advocate and Mr. Ashutosh Jain, Advocate, for the Respondent

JUDGMENT

Uday Umesh Lalit. J.

These appeals arise out of the judgment and order dated 19.03.2019 passed by the High Court of Himachal Pradesh at Shimla in CMP Nos.4761 and 5386 of 2018 in CWP No. 2274 of 2017.

2. An agreement was entered into between the appellants and the Government of Himachal Pradesh on 26.05.2008 for setting up 24 MW "Kut Hydro Electric Project" in District Shimla. For commissioning said Project, the appellants availed loan from the consortium of Punjab National Bank ('the Bank', for short), Corporation Bank and Central Bank of India. On 29.09.2015 the account of the appellant was declared NPA [Non-Performing Asset] by the Bank. A demand notice was thereafter issued by the Bank under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 ("SARFAESI Act", for short) on 15.03.2017. The amount due to the Bank as on 14.03.2017 was stated to be Rs.106,07,91,644.26/-.

3. Soon thereafter, three proposals were made by the appellants in quick succession on 27.06.2017, 01.08.2017 and 19.08.2017 offering Rs. 84, 87 and 90 crores respectively for One Time Settlement ("OTS", for short). On 22.08.2017 a possess

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2019 Supreme(SC) 895

UDAY UMESH LALIT, VINEET SARANKut Energy Pvt. Ltd. – AppellantVersusAuthorized Officer, Punjab National Bank, Large Corporate Branch, Ludhiana – Respondent

Cases Referred (1)

UDAY UMESH LALIT, VINEET SARAN
Kut Energy Pvt. Ltd. – Appellant
Versus
Authorized Officer, Punjab National Bank, Large Corporate Branch, Ludhiana – Respondent