Remanded

Lokesh Janardhan Waghmare and Anr. v. Union Bank of India & Anr.

DRAT18 Aug 2023IA/462/2022

Case brief

AI extract

What is this about?

Appellate Tribunal disposed of Misc. Appeal No. 123/2022 by remitting the disposal of the underlying Securitization Application and associated applications to the Debts Recovery Tribunal, Nagpur, directing expedient disposal within three months, and leaving rival contentions open for consideration by the lower forum.

What did the court decide?

Securitization Application No. 86/2021 and all pending applications remanded to Debts Recovery Tribunal, Nagpur for disposal.

Lokesh Janardhan Waghmare and Anr. versus Union Bank of… — Company and Corporate | DRAT (2023)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson I.A. No. 462/2022 (Stay)

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In Misc. Appeal No. 123/2022

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Between

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Lokesh Janardhan Waghmare & Anr. … Appellant/s V/s. The Authorized Officer, …Respondent/s

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The Authorized Officer, Union Bank of India & Anr.

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Mr. Radhe Agrawal, Advocate for Appellants.

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Mr. Nainesh Amin along with Ms. Ruchi B., Advocate for Respondent No.1

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The Appellants have come in Appeal challenging the order dated 06.07.2022 in Interim Application (I.A.) No. 928/2022 in Securitization Application (S.A.) No. 86/2021 on files of Debts Recovery Tribunal, Nagpur (D.R.T.). The Appellants have already complied with the order of this Tribunal dated 27.07.2022 by making a pre-deposit as required u/s 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in consequence, to that deposit, this Tribunal has granted interim relief in favour of the Appellants.

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The Appellants have thereafter, filed an application before this Tribunal offering to deposit the entire amounts allegedly due from them towards the debt so as to redeem the secured assets.

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The secured assets have already been sold in the public auction and purchased by the second Respondent as the highest bidder. The sale was confirmed and the 2^nd Respondent has also deposited the entire sale consideration. The sale certificate has been issued and what remains is only the registration of the sale certificate. The Ld. Counsel appearing for the Appellants submits that an application has been filed in the aforesaid S.A. for cancellation of the sale on grounds stated therein. The application for the Appellants to redeem the mortgaged on deposit of the entire amount cannot be considered in this appeal because the appeal is directed against the order of the D.R.T. which declined to grant any interim relief.

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In the interest of justice, I find that is only appropriate that the appeal be disposed of with the direction of the D.R.T., Nagpur to dispose of the S.A. No. 86/2021 along with all the pending applications which are filed and intended to be filed by the parties. The Appellants' application for redemption is something to be considered by the D.R.T. on such application being filed. Endeavour shall be made to dispose of all applications as well as S.A. expeditiously, at any rate within the period of three months from the receipt of a copy of this order. The rival contentions are kept open to be decided by the D.R.T.

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psa-19

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Lokesh Janardhan Waghmare and Anr. v. Union Bank of India & Anr.

Case brief

What is this about?

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Lokesh Janardhan Waghmare and Anr. v. Union Bank of India & Anr.

Case brief

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