New Delhi, Sept. 10 -- The Supreme Court on Tuesday summoned the chairman-cum-managing director (CMD) of Punjab National Bank (PNB), expressing strong displeasure over what it described as "apparent connivance" of the bank's officers in simultaneously pursuing a debt settlement and an auction of the borrower's property. A bench of justices JB Pardiwala and Sandeep Mehta, while hearing the matter arising out of a writ petition decided by the Allahabad HC, warned that the credibility of nationalised banks would be at stake if such practices were allowed to continue unchecked. "The day is not far when national banks will lose their credibility and in their auctions. There is apparent connivance of bank officials. There is connivance on the face of it and we need explanation from your top officers," the bench observed, rejecting the plea of PNB's counsel to excuse the CMD from personal appearance. "Let him come. Let him know what has been going on. No exception. If he does not come, we will summon him through bailable warrants," the court told the counsel, making it clear that the CMD and the concerned CGM must appear before it on Wednesday. The registry and the bank's lawyers were directed to ensure both officials were informed. The case relates to Famous Sports, a borrower against whom recovery proceedings had been initiated by PNB under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. While the recovery was pending before the Debt Recovery Tribunal (DRT), Dehradun, the borrower approached a Lok Adalat and reached a settlement with the bank, noted the bench. However, despite the compromise, PNB proceeded with an auction of the borrower's property on November 28, 2023....