M/S SPRINGZ AND ANOTHER vs INDIAN BANK AND OTHERS

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH 115 CWP-15812-2026 Date of Decision: 22.05.2026 M/S SPRINGZ AND ANR ...Petitioners Versus INDIAN BANK AND ORS ...Respondents CORAM: HON'BLE MR. JUSTICE SUVIR SEHGAL HON'BLE MR. JUSTICE VIKAS SURI Present: Mr. Aalok Jagga, Advocate with Mr. Harkirat S. Jagdev, Advocate and Mr. A.P.S. Madaan, Advocate, for the petitioners. Ms. Manjari Joshi, Advocate, for respondent No.1-Bank. ***** SUVIR SEHGAL, J. (ORAL) 1. Although, this matter has a chequered history, but for the purpose of disposal of this writ petition, some basic facts deserve to be noticed. 2. Petitioners approached the Debts Recovery Tribunal (DRT) by filing a Securitization Application (SA) assailing the proceedings initiated by Indian Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘SARFAESI Act’). An order dated 21.04.2026, Annexure P-18, was passed by DRT-III, whereby prayer for stay of SARFAESI proceedings was rejected. Petitioners approached this Court by filing a writ petition (CWP- 12215-2026), which was dismissed as not maintainable on 22.04.2026, Annexure P-19, as petitioners had a r