Appeal dismissed and stay order quashed in a SARFAESI action following the respondent's failure to deposit the claimed amount.
Stay order quashed; SARFAESI auction/possession proceedings to proceed; appeal dismissed.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 555/2022
In Misc. Appeal No. 137/2022
Between
GIC Housing Finance Ltd … Appellant/s V/s. Mr Shailesh Sawant & Anr. …Respondent/s
Mr Sanjay Anabhawane, Advocate for Appellants.
-: Order dated: 25/11/2022:-
The Appellant is in appeal aggrieved by the order of the Ld. Presiding Officer in S.A. No. 242/2022 which is filed by the Respondent herein challenging the Sarfaesi measure initiated with regard to the property.
The Respondent is a third party, and when the S.A. was taken up for consideration, the Applicant offered to pay the entire amount mentioned in the demand notice u/s. 13 (2) within eight weeks. The Ld. P.O. directed the deposit of the amount, and granted a stay.
It is now submitted by the Ld. Counsel for the Appellant that the Respondent failed to deposit the amount as undertaken. Under the circumstances, the order directing a stay of the handing over of possession is no longer effective.
The Respondent has not appeared despite being served with a notice in this appeal. Under the circumstances, the appeal has become infructuous because there is no embargo in taking over possession of the secured assets. Hence, the appeal is dismissed and the S.A. shall be disposed of expeditiously.
Sd/Chairperson
rm-17
1
GIC Housing Finance Ltd
Mr Shailesh Sawant & Anr
Ashok Menon
As recorded by the court registry
2 orders share this CNR
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