Disposed

Salim Akbar Kokani v. the Faize Mercantile Co-Operative Bank Ltd. and Ors.

Bombay HC13 Dec 2007WP/3330/2007

Case brief

AI extract

What is this about?

Bankruptcy relief. Petitioners filed writs seeking interim stay on auction of properties pending recovery proceedings. Court permitted deposit of remaining balance to revive proceedings and stayed scheduled auction.

What did the court decide?

Auction of properties postponed till petitioners deposit Rs. 3,07,000/-; revision applications restored to file to be heard on merits within two months of deposit.

Salim Akbar Kokani Vs the Faize Mercantile… — Execution and Attachment | Bombay HC (2007)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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CIVIL APPELLATE JURISDICTION

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WRIT PETITION NO.3329 OF 2007
WITH
WRIT PETITION NO.3330 OF 2007
WITH
WRIT PETITION NO.3331 OF 2007
WITH
WRIT PETITION NO.3339 OF 2007
WITH
WRIT PETITION NO.3340 OF 2007

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Tehera Jilani Kokani
Salim Akbar Kokani
Tahseen Jilani Kokani
Sharjeel Akbar Kokani
Jilani Akbar Kokani.. Petitioners
Versus
The Faize Mercantile Coop.Bank
Ltd. and Ors... Respondents

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Mr.S.U.Kamdar with Mr.A.S.Desai for petitioners
Mr.K.S.Patil for respondent.

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CORAM :S.C.DHARMADHIKARI, J.
DATE:13th December 2007

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P.C.

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.The petitioners havemoved these

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petitions on account of urgency inasmuch as
despite pending revision applications, the
properties of petitioners are once again put to
auction.

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2.When this matter was placed before me on
the last occasion, I had called upon both sides
to produce documents to show the outstanding
amount if any. Mr.Patil appears for first
respondent and states that as per the bank’s
calculations and accounts a sum of
Rs.1,21,44,467/- is due and payable by the
petitioners and they have deposited in all
Rs.57,65,000/- till date leaving a balance of
Rs.3,07,233/- which would constitute 50% of the
sum of Rs.1,21,44,467/-.

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3.After this matter was argued for some
time, I suggested to Mr.Kamdar and Mr.Patil as to
whether on deposit of Rs.3,07,000/- the revision
application be taken on file and heard on merits

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as expeditiously as possible. Both sides inform
me that after deposit of Rs.3,07,000/- nothing
more need be deposited to constitute 50% of the
claim under the recovery certificate and
thereupon the revision application preferred by
the petitioners can be heard and disposed of on
merits and in accordance with law.

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4.Mr.Kamdar, after taking instructions
makes a statement that a sum of Rs.3,07,000/-
would be paid/deposit with the first respondent
within three weeks from today. If proof of this
deposit is produced before the Divisional Joint
Registrar concerned, he shall forthwith restore
the revision application to file and thereafter
hear the same on merits and in accordance with
law. He shall endeavour to dispose of the same
within two months from the date of production of
the proof of deposit by the petitioners.

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5.All contentions on merits of the matter

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are expressly kept open. All payment/deposit and
receipts are without prejudice to the rights and
contentions of the parties in the pending
revision applications.

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6.In the light of this statement of the
learned Counsel for petitioner, Mr.Patil
appearing for respondent bank after taking
instructions makes a statement that the auction
of the properties scheduled on 14th December 2007
shall be postponed and kept in abeyance till the
petitioners comply with their statement made
today. Petitions disposed off in the above
terms. No costs.

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(S.C.Dharmadhikari, J)

Salim Akbar Kokani v. the Faize Mercantile Co-Operative Bank Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

Salim Akbar Kokani v. the Faize Mercantile Co-Operative Bank Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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