NCLT dismisses Kotak Mahindra Bank's application seeking recovery of hypothecated machinery from Calforge Steel.
The tribunal found the bank's claim belated as it failed to act when Punjab National Bank auctioned the assets in 2022.
Calforge Steel was directed to hand over a specific CNC machine to Kotak if located within its premises within one month.
The order clarifies PNB's 2022 auction included all plant and machinery without excluding any specific hypothecated assets.