Punjab and Haryana High Court Directs DRT-III to Submit Report on Delayed Adjudication of

The Punjab and Haryana High Court on Monday directed the Debts Recovery Tribunal (DRT-III), Chandigarh, to submit a report about the cases in which orders have been reserved for over three months. A Division Bench of Justice Jusgurpreet Singh Puri and Justice Sanjiv Berry passed the order in a plea moved by Jairath Dyeing and Finishing which said that its case before the DRT was reserved for final orders on April 06 but no order has been pronounced till date.The Court asked the DRT-III to submit a report with regard to the case before August 17. "In addition to the above, DRT-III, Chandigarh, shall also submit a report giving details of those cases in which orders have been reserved for more than three months and have not been pronounced as yet," the Bench directed further.Jusgurpreet Singh Puri and Justice Sanjiv Berry Jairath Dyeing and Finishing, a proprietorship engaged in manufacture and export of knitted cloth and readymade garments, had filed a securitization application before DRT-III in March. The plea challenged Indian Bank's decision to sell the properties mortgaged by the proprietorship in relation to a cash credit facility sanctioned to it in 2011. The loan account had earlier been classified as a Non Performing Asset (NPA) as the proprietorship failed to pay the outstanding dues. The Court was told that the securitization application was heard on April 06 and the case was adjourned to April 18 for pronouncement of final order but till date neither the final ord