Disposed

Varahi Diamond and Finance Limited and Anr. v. Indian Overseas Bank & Ors.

Delhi HC5 Mar 2024W.P.(C)/3369/2024

Case brief

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What is this about?

The Delhi High Court considered a writ petition challenging an DRT stay order and a Receiver's notice for possession of a commercial property. Acknowledging the petitioner 'jumped a step' by bypassing the DRAT, the court disposed of the matter due to the respondent-statement that possession was not immediate and because the DRT hearing was scheduled for the following day. Note: Text is heavily cor

What the court decided

AI extract

Varahi Diamond and Finance Limited and Anr. Vs Indian… — Property and Title | Delhi HC (2024)

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$~45

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* IN THE HIGH COURT OF DELHI AT NEW DELHI

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- W.P.(C) 3369/2024 & C.M.Nos.13862-13863/2024

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VARAHI DIAMOND AND FINANCE LIMITED AND ANR.

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..... Petitioners

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Through: Ms.Ravi Gupta, Sr.Advocate with Mr.Apoorv Agarwal, Mr.Mohit Chaudhary, Ms.Prachi Darji, Ms.Saloni Singh, Ms.Kanishka Lunia and Mr.Bhanukaran Singh Jodha, Advocates.

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versus

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INDIAN OVERSEAS BANK & ORS. ..... Respondents Through: Ms.Kanika Baweja with Ms.Surti Sood and Ms.Anjali Jain, Advocates.

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CORAM:

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HON'BLE THE ACTING CHIEF JUSTICE HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

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O R D E R % 05.03.2024

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Present writ petition has been challenging the order dated 02^nd March, 2024 passed by the Debts Recovery Tribunal-III, New Delhi in SA No.02/2024 as well as the order dated 24^th January, 2024 passed by the Chief Metropolitan Magistrate, Tis Hazari in CIS No. 145/2024 and the Receiver’s Notice dated 16^th February, 2024 issued by the Receiver – Ms. Diksha Jaspal for taking physical possession of the subject property i.e. Commercial Shop - Show Room at WZ-1 to 12, Ugarsain Market, Ashok Nagar, near Tilak Nagar, New Delhi 110018 in pursuance of the aforesaid order dated 24^th January, 2024.

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Learned senior counsel for the petitioners states that vide order dated 02^nd March, 2024, the stay application filed by the petitioners in SA

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 07/03/2024 at 11:40:37

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No.02/2024 has been listed for 06^th March, 2024 without considering the fact that as per Receiver’s Notice dated 16^th February, 2024, the physical possession of the subject property is to be taken on 05^th March, 2024. He states that the learned DRT-III failed to consider the urgency of the matter, which will ultimately jeopardize the interest of the petitioners with respect to the mortgaged properties.

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Learned counsel for the respondent-bank states that the Receiver has intimated to the bank that she will not be taking possession of the suit property today.

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Though this Court has grave doubt as to the maintainability of the present writ petition as the petitioners have ‘ jumped a step in the ladder ’, inasmuch as, they have not approached the Debts Recovery Appellate Tribunal (DRAT) before filing the writ petition, yet in view of the statement made by learned counsel for the respondent-bank and the fact that the matter is listed before the DRT tomorrow i.e. 06^th March, 2024, this Court disposes of the present writ petition along with the applications after recording the statement of learned counsel for the respondent-bank.

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ACTING CHIEF JUSTICE

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MANMEET PRITAM SINGH ARORA, J

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MARCH 5, 2024 KA

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 07/03/2024 at 11:40:37

Varahi Diamond and Finance Limited and Anr. v. Indian Overseas Bank & Ors.

Case brief

What is this about?

What the court decided

Varahi Diamond and Finance Limited and Anr. v. Indian Overseas Bank & Ors.

Case brief

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What the court decided

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