The Debt Recovery Appellate Tribunal stayed the initiation of possession and sale proceedings by the respondent bank regarding secured property. The matter was adjourned for a settlement proposal and an application for waiver of deposit.
Stay initiated by respondent on taking over possession or sale of secured property.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT : MUMBAI Present : Mr. Justice Ashok Menon, Chairperson I.A. No. 112/2022 in Misc. Appeal No. 37/2022
Between
Mr. Chandrakant Tukaram Pawar, … Appellant/s Proprietor of M/s. Prachi Construction & Anr.
V/s.
Shriram City Union Finance Ltd. & Anr. …Respondent/s
Mr. V. N. Ajikumar, Advocate for Appellants. Ms. Uma S. Fadia, Advocate for Respondents.
-: Order dated : 29/04/2022 :-
Heard learned for Appellants and Respondents. Officer of the Respondent is also present.
Further hearing is required and hence the matter is posted to 10.05.2022 for hearing on I.A. (waiver of deposit).
Since there is a proposal for settlement given by the Appellants that shall be considered on or before the next date and application for waiver of pre-deposit will be disposed on the next date of hearing.
Till such time no further proceedings shall be initiated by the Respondents for taking over possession of the secured property or sale of the same.
Sd/Chairperson
dpj/mks-5
1
3 issues framed by the court
Whether to grant an interim stay on the initiation of possession and sale proceedings by the respondent.
Whether to adjourn the matter for consideration of a settlement proposal and a waiver of deposit application.
Whether further proceedings should be initiated by the respondent pending the next hearing.
Mr. Chandrakant Tukaram Pawar
Shriram City Union Finance Ltd. & Anr.
Ashok Menon
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
