Disposed

Bhanwareshwar Verma v. Phoenix Arc Pvt. Ltd. Thru. Its Authorized Signatory Mr. Mahesh Malunjkar

Allahabad HC22 May 2024A227/2501/2024

Case brief

AI extract

What is this about?

The Allahabad High Court under Article 227 granted liberty to a borrower-petitioner to file an urgency application before the Debt Recovery Tribunal regarding a pending interim relief matter concerning possession of a seized school, directing the Tribunal to expedite if urgency is made out.

What did the court decide?

Liberty granted to move an urgency application before the Delhi Tribunal; direction to Tribunal to consider and decide within three weeks if urgency made out.

Bhanwareshwar Verma vs Phoenix Arc Pvt. Ltd. Thru… — Banking and Recovery | Allahabad HC (2024)

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Neutral Citation No. - 2024:AHC-LKO:38626

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Court No. - 7

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Case :- MATTERS UNDER ARTICLE 227 No. - 2501 of 2024

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Petitioner :- Bhanwareshwar Verma Respondent :- Phoenix Arc Pvt. Ltd. Thru. Its Authorized Signatory Mr. Mahesh Malunjkar Counsel for Petitioner :- Ram Ujagir Verma

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Hon'ble Alok Mathur,J.

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Heard Sri Ram Ujagir Verma, learned counsel for the petitioner.

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In the light of proposed order notice to private respondents is dispensed with.

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By means of present petition under Article 227 of the Constitution of India the petitioner has approached this Court seeking direction to the Debt Recovery Tribunal, Lucknow to decide the interim relief application of the petitioner filed in S.A. No. 136 of 2024 - Bhanwareshwar Verms Vs. Phonix ARC Private Ltd., pending before the Debts Recovery Tribunal, Lucknow expeditiously.

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It has been submitted by learned counsel for the petitioner that petitioner is borrower having taken loan of Rs.28,67,006/in 2018 from the Thirumeni Finance Pvt. Ltd. to run the school namely Tulsa Devi Balika Higher Secondary School. Subsequently, the said loan was transferred to the respondents and due to certain unforseen financial issues the petitioner could not re-pay the loan amount to the respondents. On account of which the respondents resorted to the proceedings under the SARFAESI Act, 2002 for recovery of the outstanding loan amount from the petitioner.

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The proceedings under Section 14 of the SARFAESI Act, 2002 were carried out and possession of the disputed premises has also obtained by the District Magistrate, Lucknow and handed over to the respondents, against which the petitioner has preferred securitization application no. 136 of 2024, which is pending consideration.

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It is submitted by learned counsel for the petitioner that the case is routinely listed and regularly adjourned without considering the said application and consequently prayer for direction to the Debts Recovery Tribunal has been made to

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consider and decide the application of the petitioner expeditiously.

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Considering the fact that the disputed property is a school which was running when the same has been taken over by the District Magistrate and accordingly there is urgency in the matter and hence liberty is granted to the petitioner to move an application detailing urgency before the Debts Recovery Tribunal, Lucknow within next two weeks for consideration of his application for interim relief filed in S.A. No. 136 of 2024. In case any such application is moved, the Debts Recovery Tribunal, Lucknow shall proceed to consider and decide the said application within further period of three weeks and in case it finds that case for urgency is made out by the petitioner, it shall pass appropriate orders thereupon and expedite the hearing of interim relief application of the petitioner.

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With above directions the petition stands disposed of .

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Order Date :- 22.5.2024 A. Verma

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(Alok Mathur, J.)

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Digitally signed by :- ANURAG VERMA High Court of Judicature at Allahabad, Lucknow Bench

Bhanwareshwar Verma v. Phoenix Arc Pvt. Ltd. Thru. Its Authorized Signatory Mr. Mahesh Malunjkar

Case brief

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Bhanwareshwar Verma v. Phoenix Arc Pvt. Ltd. Thru. Its Authorized Signatory Mr. Mahesh Malunjkar

Case brief

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