Supreme Court of India
Punjab National Bank v. M/s. Shree Jyoti Education and Management Trust World
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
The appeals are accordingly allowed, setting aside the order dated 11.01.2024 in W.P. (C) No. 32036 of 2023 and the order dated 14.05.2024 in I.A. No. 2279 of 2024 in W.P. (C) No. 32036 of 2023, passed by the High Court of Orissa at Cuttack, and restoring the order dated 01.09.2023 passed by the Debts Recovery Appellate Tribunal, Kolkata, in Appeal No. 16 of 2021. The appellant, Punjab National Bank, is entitled to seek recovery of its dues in terms thereof by way of appropriate proceedings, after giving credit to the amounts paid by the Trust and its trustees after the said date, if any, in accordance with law. Parties shall bear their own costs.
Judgment, 15
In brief
United Bank of India (later amalgamated into Punjab National Bank) sanctioned a ₹5 crore loan to the respondent charitable trust in 2011 for constructing a college building, with the managing trustee and other trustees as guarantors. The loan account was classified as a non-performing asset on 30.06.2017, after which the bank ceased applying interest in the loan account and instead maintained the accruing interest in a separate suspense account, as per applicable banking guidelines.…
Authorities it was built on
- 2001 Central Bank of India v. Ravindra and Ors.
- Union of India v. Association of Unified Telecom Service Providers of India and others
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