Disposed

Invent Assets Securitisations and Reconstruction Pvt. Ltd. v. Bank of Baroda

DRAT19 Apr 2022REGULAR APPEAL/20/2022

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal allowed a stay on further proceedings consequent to a confirmed auction sale of secured assets pending the disposal of an appeal challenging the recovery proceeding.

What did the court decide?

Stay granted on further proceedings consequent to the auction sale and possession handed-over pending disposal of the appeal; status quo maintained.

Invent Assets Securitisations and Reconstruction Pvt. Ltd… — Company and Corporate | DRAT (2022)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT : MUMBAI Present : Mr. Justice Ashok Menon, Chairperson

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Appeal No. 20/2022

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Between

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Invent Assets Securitisations Reconstruction Pvt. … Applicant/s Ltd. V/s.

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Bank of Baroda & Ors. …Respondent/s

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Mr. Rajesh Nagori along with Mr. Rohit Gupta, Mr. Sandip N. Solanki, Mr. Harsh Behany, Ms. Neena Shah, Mr. Gaurav Gandhi and Ms. Saloni Manjrekar, Advocate for Applicant.

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Mr. Bhaskar Sharma, Advocate for Respondent No.1.

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Mr. Rishabh Shah along with Ms. Neha Naik i/b Ms/ Phoenix Legal, Advocate for Respondent Nos.2 to 4.

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Ms. Mumtaz Khan, Advocate for Respondent No.5.

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-: Order dated : 19/04/2022 :-

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I.A. No. 80/2022 is an application for stay in the proceeding in Recovery Proceeding No.246 of 2019 in O.A. No.525 of 2015 pending before the Recovery Officer-I, DRT-I Ahmedabad and sale in favour of the Auction Purchaser.

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As submitted by Ld. Counsel appearing for both sides, it is made to understand that the sale has already taken place and Auction Purchaser has deposited the amount and the sale has been confirmed.

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The only anxiety of the Appellant is that the pari passu claim which Appellant has over the mortgaged assets will have to be considered

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which was not considered in the impugned order. Hence, Appeal has been filed.

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Ld. Counsel appearing for Bank of Baroda seeks time to file reply to the Appeal. Reply to I.A. has already been filed.

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Ld. Counsel appearing for the Auction Purchaser also expresses anxiety in stalling further proceedings as far as the ownership of the property purchased in the auction is considered.

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Since the auction has already taken place and ultimately it is going to be governed by the result of this Appeal, it is only befitting that further proceedings consequent to the sale which has already been confirmed and possession handed-over be stalled till this Appeal is disposed of. No harm would be done to any of the parties involved. Hence, the first Respondent is directed to file reply at the earliest and the matter shall be posted for hearing, till such time there shall be stay to the further proceedings as already stated. It is made clear that status-quo shall be maintained and the proceedings made so far shall not be undone by this order.

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Post on 14.06.2022 for reply / hearing.

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dpj/mks-40

Invent Assets Securitisations and Reconstruction Pvt. Ltd. v. Bank of Baroda

Case brief

What is this about?

What did the court decide?

Invent Assets Securitisations and Reconstruction Pvt. Ltd. v. Bank of Baroda

Case brief

What is this about?

What did the court decide?

What the court decided

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