Disposed

Phoenix Arc Pvt. Ltd. v. M/S Polar Pharma India Limited & Ors.

Delhi HC16 Jan 2024W.P.(C)/637/2024

Case brief

AI extract

What is this about?

Petitioner sought writ to expedite a transfer petition for recovery proceedings allegedly pending before a biased Recovery Officer of DRT-II. The Court, noting the recent filing of the transfer petition, refused peremptory orders but directed the Chairman, DRT, to dispose of the petition expeditiously. The writ petition was disposed of without commenting on merits.

What the court decided

AI extract

Phoenix Arc Pvt. Ltd. Vs M/S Polar Pharma India Limited… — Banking and Recovery | Delhi HC (2024)

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$~53

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- W.P.(C) 637/2024

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PHOENIX ARC PVT LTD ..... Petitioner Through: Mr.Shahrukh Inam with Ms.Usha Singh, Advocates.

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versus

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M/S POLAR PHARMA INDIA LIMITED & ORS. ..... Respondents

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Through: None

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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

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% 16.01.2024

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Present writ petition has been filed seeking expeditious disposal of the Transfer Petition No.2/2023 pending before the Debt Recovery Appellate Tribunal, New Delhi (“DRAT”), whereby the petitioner has sought transfer of the recovery proceedings No.7 of 2022 (DRT-II, Delhi) in OA No. 138/2015 pending before the Recovery Officer-1, DRT-II, Delhi to the Recovery Officer-1, DRT-I, Delhi.

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Learned counsel for the petitioner states that pursuant to the judgment dated 26^th February, 2016 passed in OA No. 138/2015, a decree along with a Recovery Certificate for the sum of Rs.58,04,85,539.97/- was passed in the favour of the petitioner. Thereafter, pursuant to the Notification dated 12^th October, 2022 issued by the Reserve Bank of India, the proceedings of the Recovery Certificate which were pending adjudication before the Recovery Officer, DRT-1, Delhi since 2016 stood transferred to the Recovery Officer,

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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 20/05/2024 at 11:43:33

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DRT-II, Delhi, and were renumbered as TRC/7/2022. He alleges that on account of bias approach adopted by the Recovery Officer, DRT-II, Delhi in conduct of the proceedings, especially in view of the interim order dated 26^th September, 2023 passed in the matter, the petitioner filed TP No.02/2023 on 23^rd October, 2023 seeking transfer of the recovery proceedings pending before the Recovery Officer-1, DRT-II, Delhi to the Recovery Officer-1, DRT-I, Delhi.

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Learned counsel for the petitioner states that despite pendency of the said TP 2/2023, the Recovery Officer-1, DRT-II, Delhi has been conducting the proceedings in a hurried manner in order to hamper the interests of the petitioner. He also states that the disposal of the TP 02/2023 is getting delayed for one or the other reason. He emphasizes that the next date of hearing in transfer petition is 24^th January, 2024.

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Since the aforesaid Transfer Petition has been filed only 2½ months ago, this Court is not inclined to pass any peremptory order. However, this Court has no doubt that the Chairman, DRT shall make an endeavour to dispose of the Transfer Petition as expeditiously as possible in accordance with law.

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Accordingly, the present writ petition stands disposed of. This Court clarifies that it has not commented on the merit of the controversy. The rights and contentions of all the parties are left open.

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ACTING CHIEF JUSTICE

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MANMEET PRITAM SINGH ARORA, J

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JANUARY 16, 2024/KA

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This is a digitally signed order. 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 20/05/2024 at 11:43:33

Phoenix Arc Pvt. Ltd. v. M/S Polar Pharma India Limited & Ors.

Case brief

What is this about?

What the court decided

Phoenix Arc Pvt. Ltd. v. M/S Polar Pharma India Limited & Ors.

Case brief

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