Bank of India Vs. Shrenuj & Company Limited – NCLAT
NCLAT held that the adverse observations made by Adjudicating Authority, being admittedly subject to correction in investigation, were avoidable. They will not affect investigation in any manner or be basis to hold adversely against Appellant Bank or its officials. For the purpose of finding debt due and default for admitting Application it was not possible to accept defence of valuation claimed in averments vis-à-vis valuation done in record of seizure referred. Adjudicating Authority could not have decided such averments. The Appeal is disposed accordingly. No orders as to costs.
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