9911796707
TMI Blog2021 (9) TMI 1388X X X X Extracts X X X X X X X X Extracts X X X X ..... t petition is, in fact, covered by the judgment in PUNJAB NATIONAL BANK AND ORS. VERSUS STATE OF HIMACHAL PRADESH AND ORS. [ 2021 (5) TMI 1026 - HIMACHAL PRADESH HIGH COURT ], where it was held that this Court has no hesitation in holding that the petitioners being Secured Creditors have preference over the respondent-State with regard to the debts due from respondent No. 4. - therefore, this writ petition is allowed by holding that the findings returned in the mentioned case shall mutatis mutandis apply to this petition. This writ petition is disposed of by holding that the findings in the case of PUNJAB NATIONAL BANK AND ORS. shall mutatis mutandis apply to this petition also and the Bank being Secured Creditor , has preference over the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue Record of bid property and transfer the same in the name of the petitioners, within short stipulated time; (b) By way of, the writ, order or directions, respondent No.2 may very kindly be directed to pay 18% interest on the initial bid amount taken by them from petitioners." 2. Facts are not much in dispute. Respondent No.1 invited bids for the sale of property of M/s Shivalik Fibers Pvt. Limited, situated at Muhal Ranguwal, Tehsil Nalagarh, District Solan, H.P. under the SARFAESI Act, 2002. The details of the secured assets which were so put in auction are given in para-3 of the petition. The auction of the property subject matter of the writ petition was duly held by the concerned bank. The petitioners before this Court are the bi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the factum of the issue raised in the present petition being covered by the judgment passed by this Court in CWP No.1638 of 2017, titled as Punjab National Bank and others Versus State of Himachal Pradesh and Others, decided on 19.05.2021. However, learned Additional Advocate General submits that the petition be disposed of in terms of the above judgment, but without prejudice to the legal rights of the respondent/State as the State intends to challenge the judgment passed by this Court in CWP No.1638 of 2017, titled as Punjab National Bank and others Versus State of Himachal Pradesh and Others, decided on 19.05.2021. 5. Learned counsel for the petitioners submits that they have deposited whole auction amount to the respondent No.1-Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Certificate, in favour of the petitioners and respondents No.2 and 3 are directed to clear the lien note (Rapat No.628) given on the revenue record of bid property and transfer the same in the name of the petitioners, within short stipulated time. 9. It is clarified that respondent-Bank shall issue the sale certificate in favour of the petitioners within two weeks from today. 10. It is further clarified that the rigors of the SARFAESI ACT, 2002 with regard to the period within which the sale proceedings are to be completed shall not apply to the case i.e. to say that the time which has been spent by the parties in the Court, shall be excluded while computing the same. Pending miscellaneous applications, if any, also stand disposed of.< ..... X X X X Extracts X X X X X X X X Extracts X X X X
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