Allowed

hdfc Ltd. v. mr jayesh c doshi and Ors.

Bombay HC22 Jun 2007NMS/1215/2007

Case brief

AI extract

What is this about?

The court allowed the plaintiff's motion to proceed under the SARFAESI Act, permitting enforcement measures, continuation of symbolic possession by the receiver, and discharge of the receiver upon transfer of physical possession.

What did the court decide?

Permission to proceed under SARFAESI Act; Court Receiver to continue in symbolic possession and be discharged when plaintiff takes actual possession.

1.The plaintiffs by this Motion pray that they may be permitted to proceed under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in the light of notification dated 10th November, 2003, which includes the plaintiff’s institution to be covered by the provisions of the Act of 2002. The notification is appended to the Motion at Exh.C at page 15. There is no dispute in so far as the fact that the plaintiff’s institution is concerned is covered by Securitisation Act, 2002. In the circumstances, the

plaintiff is justified in relying on the decision of the Apex Court in the case of Transcore V/s. Union of India & Anr. reported in (2007) 135 Comp Cas 1(SC). Accordingly, the plaintiff will succeed in terms of prayer clauses (a), (b) and (d) which read thus:

"(a)That this Hon’ble Court be pleased to permit the Plaintiffs to take recourse to one or more measures in exercise of their powers under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI,Act) for the purpose of enforcement of security interest created by Defendant No. 1,2 and 3 in favour of the Plaintiffs with respect to the Suit Flat i.e. secured asset; more particularly described in the Plaint.

(b)That the Hon’ble Court be pleased to direct the Court Receiver to continue in symbolic possession till such time the Authorised Officer of the Plaintiffs takes actual Physical possession of the suit flat/ secured asset more particularly described in the Plaint, under the SARFAESI Act.

(d)That the Court Receiver to stand discharged without passing account on the day on which the Authorised Officer of the Plaintiffs takes over actual physical possession of the suit flat / secured asset more particularly described in the Plaint, under the SARFAESI Act and the entire amount lying with the Court Receiver be transferred to the Plaintiff."

2.In so far as the payment of royalty is concerned, the defendant Nos.1 and 2 will be obliged to pay royalty to the Court Receiver till the Court Receiver hands over symbolic possession of the suit property to the authorised officer of the plaintiff.

hdfc Ltd. v. mr jayesh c doshi and Ors.

Case brief

What is this about?

What did the court decide?

hdfc Ltd. v. mr jayesh c doshi and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Cases cited

Statutes considered

Coram

Case details

Similar cases

Dr. Mrs. Lalita Theresa Sequeira Vs Dr. Mrs. Cynthia Deshmukh and Anr. and Dr Anthony J. F. Sequeira and Ors.

Jindal Vijaynagar Steel Ltd. Vs Ketan Construction Ltd.

Sayyed a. Hussain Vs Sajid Gulam Nabi Khan

Pratap K. Thakar /Sejpal and Ors. Vs Rajendra D. Shah and Ors.

Hdfc Ltd. Vs Jayesh C. Doshi and Ors.

Jaishridevi Ban and Ors. Vs Matwarlal Patel and Ors. and Ms Nandini Daughter of Natwarlal Patel