C.W.P NO. 5444 OF 2009 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.W.P NO. 5444 OF 2009 DECIDED ON : 02.04.2009 M/S INS Finance & Investment (P) Ltd. ...Petitioner versus Punjab National Bank and others ...Respondents CORAM : HON'BLE MR. JUSTICE SURYA KANT Present : Mr. Pankaj Gupta, Advocate, for the petitioner. SURYA KANT, J. (ORAL) The petitioner is aggrieved at the non-release of Rs.10.07 crores along with interest which it had deposited being the highest bidder in the auction held on 05.12.2006. The said auction has been set aside by the Debts Recovery Tribunal whose order is now under challenge in an appeal before the Debts Recovery Appellate Tribunal filed at the instance of the Bank. The Appellate Tribunal has stayed the re-auctioning of the mortgaged properties. The petitioner moved an application for the refund of the bid amount deposited by it subject to its stand that if the sale in favour of the auction purchaser as upheld by the Appellate Tribunal, it shall redeposit the same along with interest. The petitioner's application has been turned down by the Recovery Officer on an objection raised by the Bank. C.W.P NO. 5444 OF 2009 -2- It is stated by learned counsel for the petitioner that the appeal is now listed for hearing before the learned Appellate Tribunal on 23.04.2009. The effective remedy for the petitioner would be to approach the learned Appellate Tribunal along with an application for clarification of the interim order already passed by it. If such an application is moved by the petitioner, the learned Appellate Tribunal is requested to dispose of the same on the date fixed, if it is possible. The writ petition is disposed of with these observations. Let a copy of this order be given dasti on payment of usual charges. APRIL 02, 2009 (SURYA KANT) shalini JUDGE