Disposed

Srithik Ispat Pvt. Ltd., Rep. by Its Directors and Aut. Sign., Girija Agarwal and 2 Ors., v. B. Hari Prasad and 2 Ors.

Bombay HC26 Mar 2018WP/374/2018

Case brief

AI extract

What is this about?

The High Court disposed of two writ petitions seeking an injunction pending auction. Leave to withdraw the petitions was granted by petitioners. The court held that the uncertainty regarding the auction timeline justified allowing withdrawal without examining the alternate remedy contention on merits.

What did the court decide?

Writ petitions disposed of as withdrawn; all contentions on merits kept open.

Srithik Ispat Pvt. Ltd., Rep. by Its Directors and Aut… — Banking and Recovery | Bombay HC (2018)

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Amrut

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1 WP 374 & 375-18dt 26-03-2018

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IN THE HIGH COURT OF BOMBAY AT GOA

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WRIT PETITION NO.374 OF 2018

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Srithik Ispat Pvt. Ltd. & Ors…Petitioners.
Versus
B. Hari Prasad and Ors.…Respondents.

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AND

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WRIT PETITION NO.375 OF 2018

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Prateek Alloys Pvt. Ltd. & Ors.…Petitioners.

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Versus

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B. Hari Prasad and Anr.…Respondents.

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Mr. A. D. Bhobe, Advocate for the Petitioners.

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Mr. Ajay Kumar V., Advocate for Respondent Nos.1 and 2.

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Mr. Arun Talaulikar, Addl. Government Advocate for Respondent
No.3.

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Coram : N.M. Jamdar & Prithviraj K. Chavan, JJ.

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Date : 26 March 2018.

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P.C. :

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 We have heard the learned counsel for the Petitioners and

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Amrut 2 WP 374 & 375-18dt 26-03-2018

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the learned counsel for the Respondent-Bank in both the petitions.
The preliminary objection has been taken by the learned counsel for
the Respondent-Bank that the Petitioners have an alternate remedy of
filing an appeal before the Debt Recovery Tribunal under Section 17
of the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002.

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2.The learned counsel for the Petitioners on written
instructions from the Petitioner Nos.2 and 3 seeks leave to withdraw
the Writ Petitions. The written instructions of the Petitioner Nos.2
and 3 are taken on record.

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3.The learned counsel for the Petitioners states that the
auction is scheduled to be held on 28 March 2018 and the efforts of
the Appellant to approach the Appellate forum will be frustrated in
view of such a short time period.

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4.The learned counsel for the Respondent-Bank submitted
that though the auction is scheduled on 28 March 2018, the
conclusion of the proceedings and the issuance of sale certificate as per
the procedure would take time. He submitted that it will take some
time to analyse the bids, then the successful bidder is generally given at

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Amrut 3 WP 374 & 375-18dt 26-03-2018

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least three to four weeks to pay the amount. Thereafter, the
committee analyses the bids and the sale certificate is thereafter issued,
which process, in normal circumstances, takes six to seven weeks. In
view of this position, we do not find that the apprehension on the part
of the Petitioners that the efforts of the approach for Appellate remedy
will be frustrated in view of the shortage of time, as we see that the
finalization of the proceedings will take considerable amount of time.

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5.The Writ Petitions are accordingly disposed of as
withdrawn. All contentions of the parties on merits are kept open.

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Prithviraj K. Chavan , J. N.M. Jamdar, J.

Srithik Ispat Pvt. Ltd., Rep. by Its Directors and Aut. Sign., Girija Agarwal and 2 Ors., v. B. Hari Prasad and 2 Ors.

Case brief

What is this about?

What did the court decide?

Srithik Ispat Pvt. Ltd., Rep. by Its Directors and Aut. Sign., Girija Agarwal and 2 Ors., v. B. Hari Prasad and 2 Ors.

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

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