Kennington Industries Private Limited v. State Bank of India
Case brief
What is this about?
In an appeal arising from DRT-1 Hyderabad, the Tribunal allowed interim order maintaining status quo regarding sale of movable property in secured asset while directions were issued to decide on waiver application under Section 18 of SARFAESI Act within four weeks.
What did the court decide?
Status quo maintained regarding sale of movable property in secured asset; waiver application under Section 18 of SARFAESI Act to be filed within four weeks.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
(Appl. Dy. No. 414 of 2022) (Arising out of S.A. 95 of 2021 in DRT-1 Hyderabad) THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
22.11.2022
Kerrington Industries Pvt. Ltd.
… Appellants
-Vs-
A.O., State Bank of Indis & Ors..
… Respondents
Mr. D. N. Sharma, ld. Counsel with Ms. U.Roy and S. Mukherjee, ld. Counsel for the appellant.
Mr. Debasish Mukherjee, ld. Counsel with Ms. S. Pal, ld. Counsel, for respondent.
THE APPELLATE TRIBUNAL :
Heard learned counsel for the parties and perused records. Learned counsel for the appellant submits that appeal is filed within time. Learned counsel has moved waiver application u/s 18 of the SARFAESI Act. It is further submitted that there is urgency in the matter since goods which are lying in the secured asset are belonging to the appellant and respondent bank may proceed to sale the goods during pendency of the appeal. Learned counsel has placed reliance upon Page 126 of Memo of Appeal (Volume-II) along with letter dated 10.06.2021 of the borrower. Learned counsel has also placed reliance upon the judgement passed by Hon’ble Delhi High Court in Manju Devi & Ors. Vs. M/s. RBL Bank Ltd. & Ors. reported in (2017)ibclaw.in 68 HC in support of his case.
Issues for consideration
2 issues framed by the court
whether to grant interim order to maintain status quo regarding sale of movable property in secured asset.
whether waiver application under Section 18 of SARFAESI Act is admissible.
Parties & counsel
- appellant
Kerrington Industries Pvt. Ltd.
- respondent
A.O., State Bank of Indis & Ors.
Coram
Anil Kumar Srivastava
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · November
- CNR
- 191090004142022
- Topic
- Banking and Recovery
All orders in this case
11 orders share this CNR
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