The Debt Recovery Appellate Tribunal reduced the debt payable by bona fide purchasers from Rs. 33.40 lacs to Rs. 26 lacs and granted a moratorium with a monthly installment plan until March 2023.
Debt reduced to Rs. 26 lacs; Rs. 4 lacs concession granted; moratorium and installment plan approved until 25.03.2023.
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.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
Appeal No. 12/2020
Between
Mr. Rajindra Ghai & Anr. … Appellant/s V/s. SVC Co-Operative Bank Ltd. …Respondent/s
Mr Vivek Vasant Phadke, Advocate for Appellants.
Mr V. Deshpande along with Mr Nikhil Rajani, i/b M/s. V. Deshpande & Co., Advocate for Respondent Bank.
-: Order dated: 18/11/2022:-
After having heard both sides for a considerable time and considering the case's merits on the legal issues involved, I find that the Appellants do not have a strong case on the legal issues. But empathy needs to be shown to them in view of the fact that they are bona fide purchasers for value and had been misled into the sale, and part with their hard-earned money.
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any of the instalments, would entail their losing the concession granted to them, and the entire amount due shall be payable and the Respondent Bank shall also entitle to take physical possession of the secured property.
Sd/Chairperson
mks-27
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Mr. Rajindra Ghai & Anr.
SVC Co-Operative Bank Ltd.
Ashok Menon
As recorded by the court registry
10 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
