NARESH H.PATIL, N.M.JAMDAR
PUNJAB NATIONAL BANK, MUMBAI – Appellant
Versus
INDIAN STEEL INFRASTRUCTURE PVT LTD – Respondent
NARESH H. PATIL, J.
1. The appeal is directed against the order passed by the learned Single Judge of this Court in Official Assignee's Report No.4 of 2018 in Insolvency Petition No.2 of 2016 dated 4th December, 2018.
2. One Mr. Soumit Ranjan Jena stood guarantee to a loan availed of by one M/s. R.B.S. Commtrade Pvt. Ltd. from the appellant Bank. Mr. Soumit Jena accordingly executed an Agreement of Guarantee on 7th May 2013. On 14th June 2013, Mr. Jena deposited the title deeds in respect of the mortgaged property with the appellant Bank. Since the borrower of the appellant Bank defaulted in repayment, the account was declared as non-performing asset. The appellant called upon the insolvent to pay the outstanding balances. Appellant also revoked the facilities granted to the borrower and invoked personal guarantee. In Insolvency Petition No.2/2016, Mr. Jena was held to be insolvent. The Official Assignee thereafter filed reports in said insolvency proceedings.
3. The appellant filed a Notice of Motion bearing No.37/2018 in the Official Assignee's report in the Insolvency Petition to direct the official assignee to hand over possession and keys of the property which according
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