Catalyst Trsuteeship Limited v. Sam Family Trust
Case brief
What is this about?
In two appeals challenging DRT orders that quashed SARFAESI measures, the Appellant sought an interim stay. The Tribunal noted prima facie flaws regarding NPA classification and applicable legal provisos but, treating the stay as a preliminary issue, granted suspension of the DRT orders without deciding merits.
What did the court decide?
Stay and suspension of the operation of the impugned DRT orders dated 28.02.2022 in S.As 207/2021 and 208/2021.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 110/2022
In
Appeal No. 30/2022
Between
Catalyst Trusteeship Ltd. & Ors. … Appellant/s V/s. Sam Family Trust & Ors. …Respondent/s
And
I.A. No. 111/2022 In Appeal No. 31/2022
Between
Catalyst Trusteeship Ltd. & Ors. … Appellant/s V/s. Aha Holdings Pvt. Ltd. & Ors. …Respondent/s
Mr Rohit Gupta along with Mr Sachin Chandrana, i/b M/s. M. K. Ambalal & Co., Advocate for Appellants.
Mr. Rafeeq Peermohideen along with Mr. T.N. Tripathi, i/b M/s. T. N. Tripathi & Co., Advocate for Respondent Nos. 1 & 2.
Issues for consideration
3 issues framed by the court
Whether an interim stay should be granted on the Debts Recovery Tribunal orders quashing SARFAESI measures.
Whether the ambiguity in NPA classification and invoice dates warrant a stay in the first instance.
Whether the provisos to Section 13(2) regarding debenture trustees and defect in commitment form raise prima facie infirmities.
Parties & counsel
- appellant
Catalyst Trusteeship Ltd. & Ors.
- respondent
Sam Family Trust & Ors.
- respondent
Aha Holdings Pvt. Ltd. & Ors.
Coram
Case details
As recorded by the court registry
All orders in this case
2 orders share this CNR
- Order 1 · Ashok Menon
- Order 2 — this page · Ashok Menon
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