Allowed

Ashok Mohansingh Bajaj v. Parag v Vora and Ors. and The Cosmos Co-operative Bank Ltd.

Bombay HC15 Apr 2015NMIS/22/2015

Case brief

AI extract

What is this about?

The High Court allowed a secured creditor's application for clarification that a previous order does not bar its rights to possession or sale of secured assets, nor the Assistant Registrar's powers under the SARFAESI Act, subject to depositing surpluses.

What did the court decide?

Application allowed; clarified that the impugned order does not affect the Applicant's right to possession/sale of secured assets or the Court Commissioner's powers under Section 14 of the SARFAESI Ac

Ashok Mohansingh Bajaj Vs Parag v. Vora and Ors… — Insolvency and Bankruptcy | Bombay HC (2015)

Vishal

909-nmis-22-2015

1 / 3

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

¶5

NOTICE OF MOTION NO.22 OF 2015

¶6

¶7

INSOLVENCY PETITION NO. 11 OF 2013

¶8

The Cosmos Cooperative Bank Limited … Applicant/ (Secured Creditor)

¶9

IN THE MATTER BETWEEN Ashok Mohansingh Bajaj … Petitioning Creditor Versus Parag V. Vora and Others … Debtors

¶10

Ms. Kavita Lalwani, for the Petitioning Creditor. Mr. A.Y. Sakhare, Senior Advocate i/b. Nikita Trivedi, for the Applicant. Mr. M.D. Narvekar, Official Assignee present.

¶11

CORAM : S.J. KATHAWALLA, J. DATED : 15TH APRIL, 2015

¶12

P.C.

¶13

1] By the above Notice of Motion, the applicant/secured creditor – Cosmos Cooperative Bank Limited seeks the following reliefs:

¶14

“(a) That it be clarified that the order dated 26/08/2014 passed by this Court in Insolvency Petition No. 11 of 2013 as Exhibit-E shall not affect the Applicant Bank's right to enter into/taking possession/dealing with/selling/disposing off the secured assets (mentioned in Schedule described in Exhibit F to Affidavit in

¶15

Vishal 2 / 3 909-nmis-22-2015

¶16

support of Notice of Motion) belonging to the debtors/insolvents Mr. Parag Vora and Mrs. Neha Vora, mortgaged and/or hypothecated in favour of the Applicant bank, in accordance with law;

¶17

(b) That it be clarified that the order dated 26/08/2014 passed by this Court in Insolvency Petition No. 11 of 2013 as Exhibit-E shall not affect the rights of the Assistant Registrar of Bandra Centre of Courts, Mumbai appointed as the Court Commissioner under order dated 03/02/2015 passed by the learned Chief Metropolitan Magistrate, Esplanade, Mumbai as Exhibit-C under Section 14 of the SARFAESI Act to take possession of the secured assets (mentioned in schedule described in Exhibit F to Affidavit

¶18

in support of Notice of Motion) belonging to the debtors/insolvents Mr. Parag Vora and Mrs. Neha Vora, mortgaged and/or hypothecated in favour of the Applicant bank and deliver possession thereof to the authorized officer of the Applicant Bank.”

¶19

2] The Official Liquidator has informed the Court that he has

¶20

perused the documents produced before him by the Bank and is satisfied that the immovable properties set out in Exhibit-F to the affidavit in

¶21

Vishal 3 / 3 909-nmis-22-2015

¶22

support of the Notice of Motion are secured in favour of the applicant/Bank.

¶23

3] In view thereof, application is allowed in terms of prayer clauses (a) and (b) with a clarification that in the event of the Bank having any surplus left after adjusting the amounts due to it, the same shall be deposited with the Official Assignee.

¶24

4] It is also clarified that the Official Assignee shall be at liberty to prepare inventories of the movables and obtain necessary directions from this Court.

¶25

(S.J. KATHAWALLA, J.)

Ashok Mohansingh Bajaj v. Parag v Vora and Ors. and The Cosmos Co-operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

Ashok Mohansingh Bajaj v. Parag v Vora and Ors. and The Cosmos Co-operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Manilal Realities Private Limited Vs 0

Centenary Poloytex Pvt. Ltd. Vs Multi-Flex Lami- Print Limited Cin No. U22219MH1991PLC060717

M/s.J.M.Knitwear Pvt.Ltd. Vs M/s.Recap Sports Wear Co.

Lalitha Iyer Vs Mantri Realty Ltd. Cin No. U45202MH2001PLC146634

M/S. Ncubate Logistic and Warehousing Pvt. Ltd. Vs M/S. Future Axiom Telecom Ltd. (Cin U52110MH2006PLC59581)

Phoenix Arc Private Limited Vs Paper Prints (India) Pvt. Ltd.