Disposed

Ab Motion Pvt. Ltd. v. Dharampal Seth and Ors.

DRAT12 Oct 2022REGULAR APPEAL/307/2016

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal directed the Central Bank of India to release FDRs of Rs.11,83,23,403/- to the appellant auction purchaser A.B. Motion Pvt. Ltd. upon furnishing an indemnity bond and completing formalities within four weeks, disposing of pending appeals.

What did the court decide?

Release of FDR amount of Rs.11,83,23,403/- to the appellant/auction purchaser upon furnishing an Indemnity Bond.

Ab Motion Pvt. Ltd. versus Dharampal Seth and Ors. — Execution and Attachment | DRAT (2022)

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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

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Appeal No.307/2016 Arising out of Appeal No.34/2015(DRT-III, Delhi)

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A.B. Motion Pvt. Ltd. Vs

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Dharam Pal Seth & Ors.

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Appeal No.308/2016 Arising out of Appeal No.35/2015 (DRT-III, Delhi)

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A.B. Motion Pvt. Ltd. Vs Dharam Pal Seth (HUF) & Ors.

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Appeal No.306/2016 Arising out of Appeal No.33/2015(DRT-III, Delhi)

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A.B. Motion Pvt. Ltd. Vs Culture Clothing Pvt. Ltd. & Ors.

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12.10.2022 Hon’ble Mr. Justice Brijesh Sethi

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Present: Mr. Sanjeev Bhandari, Ld. Counsel for appellants i.e. Promilla Seth, Mr. Vikram Seth and Mr. Vivek Seth as well as respondent i.e. Culture Clothing Pvt. Ltd.

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Mr. Sorabh Sharma, Ld. Counsel for appellant i.e. A.B. Motion Pvt. Ltd.

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Mr. Amit Dhall, Ld. Counsel for respondent i.e. Dharam Pal Seth (HUF).

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Mr. Anuj Jain, Ld. Counsel for Central Bank of India.

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

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Vide this common order, I shall dispose of the Appeal No.307/2016, Appeal No. 308/2016 and Appeal No. 306/2016 filed by the appellant/auction purchaser i.e. A.B. Motion Pvt. Ltd to release/refund the FDR in favour of the appellant herein since the appeals stand disposed of and sale has been set aside by Ld. PO, DRT-III, Delhi.

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-: 2 :-

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Ld. Counsel Mr. Anuj Jain for respondent no.2 i.e. Central Bank of India has no objection to the same. He, however, states that the FDRs are not traceable since they were deposited with the Registrar, DRT-I, Chandigarh way back in the year of 2009. In such circumstances, Ld. Counsel for Central Bank of India submits that an Indemnity Bond will be required to be filed by the auction purchaser i.e. A.B. Motion Pvt. Ltd. The Ld. Counsel for auction purchaser i.e. A.B. Motion Pvt. Ltd. has no objection to the same. The Ld. Counsel Mr. Sanjeev Bhandari for appellants i.e. Promilla Seth, Mr. Vikram Seth and Mr. Vivek Seth in Miscellaneous Appeal No. 167/2017 and respondent i.e. Culture Clothing Pvt. Ltd. in Appeal No. 306/2016; and Mr. Amit Dhall, Ld. Counsel for respondent i.e. Dharam Pal Seth (HUF) submits that they have no objection to release of the amount of Rs.11,83,23,403/- to the appellant/auction purchaser i.e. A.B. Motion Pvt. Ltd.

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In view of the above, it is hereby directed that amount of Rs.11,83,23,403/- as on 11.10.2022 lying with the respondent no.2 bank i.e. Central Bank of India be released to the appellant/auction purchaser i.e. A.B. Motion Pvt. Ltd. on their furnishing an Indemnity Bond and completion of necessary formalities and after due enquiry as deemed fit by Central Bank of India so that the amount is released to the rightful claimant(s) and no one is deprived of its share, within a period of four weeks.

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Accordingly, aforesaid appeals as well as all the pending applications stand disposed of.

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Files be consigned to record.

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(CHAIRPERSON)

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Ab Motion Pvt. Ltd. v. Dharampal Seth and Ors.

Case brief

What is this about?

What did the court decide?

Ab Motion Pvt. Ltd. v. Dharampal Seth and Ors.

Case brief

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