Messrs KOHINOOR LOOMS LIMITED vs MCB BANK LIMITED

This matter concerns a petition for leave to appeal against an order passed by the High Court in a banking recovery proceeding. The petitioner challenged the High Court's determination that the order issued by the Banking Judge was not appealable, arguing that such a finding was legally erroneous. Furthermore, the petitioner contested the reserve price fixed by the High Court for the auction of assets, asserting that the valuation was presumptuous and did not reflect the actual market value of the property in question. The Supreme Court, upon considering the preliminary submissions, granted leave to appeal to examine the maintainability of the appeal against the Banking Judge's order and to review the propriety of the reserve price determination. The Court's decision to grant leave establishes that the issues regarding the appealability of orders under the relevant financial recovery legislation and the methodology for determining reserve prices in banking auctions are substantial questions of law requiring further adjudication by the apex court.