Supreme Court Allows Refund of Rs.40 Crores Deposited by Borrower in SARFAESI Act Proceedings — Deposit Made to Show Bona Fides, Not as Payment of Dues. The Court held that a deposit made pursuant to an interim order to demonstrate bona fides cannot be appropriated by the Bank when the interim order is set aside and the OTS is rejected.
20 Aug 2019The case arises from a dispute between M/s Kut Energy Pvt. Ltd. and others (appellants/borrowers) and Punjab National Bank and others (respondents) co...
