Drat Delhi Court September 2006 Judgments

Ashok Kumar and Associates Vs. Punjab National Bank and ors.

Court: DRAT Delhi

Reported in: I(2007)BC22

1. The present appeal is filed against an order passed by D.R.T., Chandigarh on 29th October, 2003 in appeal No. 10 of 2001 in R.C. No.150 of 1997. Before getting into the issue, few facts which are relevant are narrated hereunder.2. The respondent-Bank herein, instituted Original Application No. 472 of 1996 before the Debts Recovery Tribunal (D.R.T.), Jaipur against one Aqua Plastics Ltd. and seven others seeking to recover certain amounts.The Original Application appears to have been decreed on 2st July, 1997. Thereafter, recovery proceedings were initiated. The Recovery Officer, by order dated 19th May, 1998 issued attachment order on the property, the subject-matter of the appeal before this Tribunal. Having realized that the Recovery Officer has issued an attachment order, this appellant who claims to be a purchaser of the said property under a Tripartite Agreement dated 3rd May, 1996, filed objections before the Recovery Offfier urging the Recovery Officer that the so-called pro...