Partly allowed

Gati Ltd. v. Idfc Bank Ltd.

DRAT11 Apr 2022MISC APPEAL/106/2017

Case brief

AI extract

What is this about?

The Debts Recovery Appellate Tribunal in a miscellaneous appeal sought to modify previous restrictions on the appellant's properties. The court allowed the appeal partially, modifying the impugned order to apply restrictions only to properties offered in an affidavit filed before the Tribunal, which were verified as unencumbered and valued over Rs.30 crores.

What did the court decide?

Modified the impugned order dated 06.02.2017 to apply restrictions only to the five properties offered in the appellant's affidavit of 21.10.2021.

Gati Ltd. versus Idfc Bank Ltd. — Banking and Recovery | DRAT (2022)

¶1

DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

¶2

Misc. Appeal No. 106/2017 Arising out of O.A. No. 6/2017 (DRT-I, Delhi)

¶3

Gati Ltd. Vs IDFC Bank Ltd.

¶4

11.04.2022 Hon’ble Mr. Justice Brijesh Sethi

¶5

Present: Mr. Amit S. Chadha, Sr. Advocate along with Mr. Saket Aggarwal and Mr. Advait Ghosh, Ld. counsel for appellant

¶6

Mr. Dhruv Malik, Ld. counsel for respondent

¶7

This matter has been taken up by me through Video Conferencing.

¶8

Learned senior counsel for appellant states that the appellant has already filed the affidavit on 21.10.2021 as undertaken and in the affidavit, details of the five properties whose combined value is to the tune of Rs.31,33,99,000/- have been given which are as under:-

¶9

Sr. No	Zone	Property	Address
1	West	Pune Property	Gati Ld. Plot No.P-29, ‘G’ Block, MIDC, Pimpri Industrial Area, Tehsil Chinchwad, Pune-19 (Area 2062 Sq.Mt.)
2	West	Nagpur Property	Gati Ltd., Field Survey No.108 (New No- 137), Village-Waddhamana. P.H. NO.-06, Tehsil & Dist–Nagpur (Area 3 Acre)
3.	West	Bhiwandi Property 1 (Pimplas)	Gati Ld., Survey no.65/19, 65/18, 65/15, 65/17, 65/20 (Part), 62/4, 62/5, 61/1, 61/2 (p) Village Pimplas, Near Bhumi World Industrial Park, Bhiwandi, Thane Dist. – 421311 (Area 12600 Sq.Mt.)
4.	West	Bhwindi Property 2 (Lonad)	Arham Logipark, Sy no.-94, Hissa 1/2 Village Lonad, Bhiwandi – Tq, Thane Dist (Plot No.1& 2) (Area 1.25 Acres in Plot No.1 and 0.5 Acres in Plot No.2) ---------------------------------------------------------
			Arham Logipark, Sy no-94, Hissa 1/2 Village Lonad, Bhiwandi – Tq, Thane dist (Plot No.1) (Area 1.75 Acres in Plot No.1)
5,	North	Ambala Property	Khasra No.888/464 (5-18), 465(4-14), 469 (8-0), 480/2 (4-0), 468/1 (5-12), 471/2 (0- 4), 464(8-0), 470/1(4-0), 462(0-17), 473(0- 17), 472(0-14), Kittas 11, Mohri Village, Shahabad Tehsil, Kurukshetra District (Area 5.35 Acres or 42 Kanals 16 Marlas)

¶10

He submits that in the affidavit it has also been mentioned that these properties are clear and are un-encumbered and these would not be sold without the permission of the court in O.A. No.6 of 2017 pending before DRT, Delhi. Learned counsel further submits that he has also filed copies of valuation reports along with the affidavit. Learned counsel prays that since the total value of these properties is more than Rs.30 crores, the present miscellaneous appeal filed by him be allowed.

¶11

Learned counsel for the respondent bank has no objection to this request of the learned counsel for the appellant.

¶12

In view of the above, the present miscellaneous appeal is partly allowed and the impugned order dated 06.02.2017 is modified to the extent that restrictions imposed vide the impugned order will be applicable on the properties which have been offered vide the affidavit filed by the appellant before this Tribunal on 22.10.2021 and the details of which have been given hereinabove also. Appellant shall place on record the copy of complete set of the affidavit dated 22.10.2021 before DRT as well.

¶13

The appeal stands disposed of.

¶14

(CHAIRPERSON)

¶15

-pk

Gati Ltd. v. Idfc Bank Ltd.

Case brief

What is this about?

What did the court decide?

Gati Ltd. v. Idfc Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

Similar cases

Shri Paramjeet Singh and Ors. versus Dcb Bank Limited

Surbhi Electronet Private Limited versus Union Bank of India

Icici Bank Limited versus Surbhi Electronet Pvt. Limited and Ors.

Mohd Salauddin versus Shubham Housing Development Finance Company

promilla seth and Ors. versus Central Bank of India and Ors.

Dhananjay Tiwari and Anr. versus Uco Bank