Punjab National Bank vs Union of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(SC) 203

Punjab National Bank – Appellant
Versus
Union of India – Respondent

Advocates appeared:
For the Appellant(s) : Mr. Dhruv Mehta, Sr. Adv. Mr. Rajesh Kumar-I, Adv. Mr. Anant Gautam, Adv. Mr. Nipun Sharma, Adv. Mr. Shanshank Shekar, Adv. M/S. Mitter & Mitter Co., AOR
For the Respondent(s): Mr. K.M. Nataraj, ASG Mr. Sharath Nambiar, Adv. Mr. Vatsal Joshi, Adv. Mr. Vinayak Sharma, Adv. Ms. Indira B., Adv. Mr. Shailesh Madiyal, Adv. Mr. Mukesh Kumar Maroria, AOR Ms. Manjula Gupta, AOR Mr. A. V. Rangam, AOR Mr. Budd., A. Ranganadhan, Adv.

Table of Content
1. factual background of confiscation proceedings (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9)
2. arguments against powers under omitted rule (Para 11 , 12 , 13)
3. priority of secured creditor's dues (Para 15 , 16 , 18)
4. legal proceedings initiated under omitted rules (Para 19 , 20 , 21)
5. continuance of legal proceedings under new statute (Para 22 , 23 , 24)
6. impact of timing on security interests and confiscation (Para 25 , 26 , 27 , 28)
7. court's observations on legislative intent and current law (Para 29 , 30 , 31)
8. conclusion on jurisdiction of confiscation orders (Para 32 , 33 , 34)
9. final decision on appeal and quashing orders (Para 47 , 48)

JUDGMENT :

1. The present Civil Appeal arises out of the judgment and order dated 05.08.2008 passed by the Allahabad High Court, wherein the writ petition filed by the Appellant was dismissed in limine.

3. In 2005, RIL availed credit facilities under various schemes from the consortium of banks, with the Appellant/Punjab National Bank as the lead bank, and mortgaged/ hypothecated all its movable and immovable properties for securing the loan. RIL created a charge on both the assets (raw material, stock in progress, finished g

Click Here to Read the rest of this document

2022 Supreme(SC) 203

Punjab National Bank – AppellantVersusUnion of India – Respondent

Punjab National Bank – Appellant
Versus
Union of India – Respondent