Disposed

Deviprasad Steel and Services LLP v. Punjab National Bank

DRAT17 Feb 2023IA/185/2022

Case brief

AI extract

What is this about?

This order in Misc. Appeal No. 64/2022 directs the Debts Recovery Tribunal-II, Mumbai to dispose of a special appeal filed against SARFAESI measures and pending applications expeditiously within one month, noting that the sale certificate was already issued to the auction purchaser. The Chairperson explicitly reserved decision on the merits of the appeal and the waiver application.

What did the court decide?

Order directing the Debts Recovery Tribunal-II, Mumbai to dispose of S.A. No.8/2015 and pending applications within one month of receiving the order copy.

Deviprasad Steel and Services LLP versus Punjab National Bank — Banking and Recovery | DRAT (2023)

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

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I.A. No.185/2022 (WoD) In Misc. Appeal No. 64/2022

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Between

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Deviprasad Steel and Services LLP … Appellant/s V/s.

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Punjab National Bank …Respondent/s

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Mr Gaurang Kinkhabwala i/b Mr Puneet Gogad, Advocate for Appellant.

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Mr Punkaj Vijayan, i/b M/s. Intralegal, Advocate for Respondent Bank.

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-: Order dated: 17/02/2023:-

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The Misc. Appeal is filed by the Appellant impugning the order dated 09.02.2022 of the Debts Recovery Tribunal-II, Mumbai in S.A. No.08/2015 wherein the Ld. Presiding Officer declined to grant any interim relief in favour of the Appellant against the Sarfaesi measures initiated by the Respondent. It is submitted that the property has already been sold and the auction purchaser has deposited the entire amount and the sale certificate has been issued and registered in his favour, and he is awaiting to get possession of the property since 2022. Hence, he is also anxious to see that the appeal, as well as S.A., is disposed of expeditiously.

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The Ld. Counsel appearing for the Appellant submits that he has deposited 25% amount of the amount in accordance with the order of the Hon’ble High Court passed during the period when

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this Tribunal was unmanned as per order in Writ Petition (L) No. 24293/2021 and 24630/2021. However, that order is subject to the final decision being taken by this Tribunal in the application for waiver of deposit filed as I.A.No.185/2022. Today when the application for waiver of deposit has come up for hearing, it will have to be decided whether the amount already deposited by the Appellant is sufficient or something more will have to be deposited to entertain the appeal. It is submitted by the parties across the Bar that the S.A. is of the year 2015 and has been pending for a long time before the D.R.T. The pleadings are complete. It is submitted that there are some interlocutory applications like setting aside the sale, and also a prayer to implead the auction purchaser in the party array pending before in the S.A. The Ld. Counsel appearing for the auction purchaser undertakes to consent to his being impleaded in the S.A. The details of the auction purchaser are provided in this appeal and therefore, the Appellant is directed to take steps to get the auction purchaser impleaded in the S.A. by way of an appropriate application. I am sure that the D.R.T. will not be taking much time to dispose of those applications. Under the circumstances as submitted by the Ld. Counsel appearing for the pirates, there can be a direction to dispose of the S.A. itself as expeditiously as possible.

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Under the circumstances without delving into the merits of the appeal or the application for waiver of deposit, the appeal and the application are disposed of with a direction to the Debts Recovery Tribunal No.-II, Mumbai to dispose of the S.A. No. 8/2015 and the pending applications as expeditiously as possible at any rate within

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a period of one month from the date of receipt of the copy of the order of the Tribunal. It is made clear that I have not gone into the merits of the case and the contentions are kept open to be decided in the S.A. by the D.R.T.

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Sd/Chairperson

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mks-4

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Deviprasad Steel and Services LLP v. Punjab National Bank

Case brief

What is this about?

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Deviprasad Steel and Services LLP v. Punjab National Bank

Case brief

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