Vaibhav Bansal v. Edelweiss Asset Reconstruction Company Limited and Ors.
Case brief
What is this about?
Listed before the Chairperson for admission. Brief submissions noted regarding the appellant's status as a third party purchaser and non-applicability of pre-deposit conditions under the SARFAESI Act.
What the court decided
A compact analysis
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Appeal Dy. No. 546/2022
(Vaibhav Bansal Vs. Edelweiss Asset Reconstruction Company Ltd.)
Date: 18.10.2022
Shri V.K. Shukla, Ld. Counsel for the appellant is present and files certified copy of the impugned order. Ld. Counsel also submits D. D. No. 821298 dated 23.08.2022 (SBI) for Rs. 12,000/- towards deficient court fee. Ld. Counsel also mentioned Pin Code Number in the Appeal. Defects removed.
No pre-deposit has been made. It has been stated that the appellant is neither borrower nor guarantor of the loan account of the Financial Institution. The appellant are owner of the property. The appellant purchased the property from Shri Narendra Bharti and Sapna Bharti. As per the possession notice (Page 73 of the appeal), the notice was issued to Raunak Beauty House, Narendra Bharti and Sapna Bharti who are borrower of the FI. The appellant is third party, hence, condition of pre-deposit is not applicable.
The instant Appeal has been filed by Third Party under section 18 of the SARFAESI Act against final order dated 29.07.2022 of DRT, Jabalpur in S.A. No. 500/2021. Urgency Application has been filed along with the appeal.
List this case before Hon’ble Chairperson on 21.10.2022 for admission.
Registrar
Issues for consideration
1 issue framed by the court
Whether the condition of pre-deposit is applicable to a third party who is neither a borrower nor a guarantor under Section 18 of the SARFAESI Act.
Parties & counsel
- appellant
Vaibhav Bansal
- respondent
Edelweiss Asset Reconstruction Company Ltd.
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · October
- CNR
- 091090005462022
- Topic
- Banking and Recovery
All orders in this case
14 orders share this CNR
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