Ajit Subhash Mande v. State Bank of India

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

I.A. No. 537/2022 (WoD) In Appeal on Diary No. 1070/2022

Between

Dr. Ajit Subhash Mande & Anr. … Appellant/s V/s. State Bank of India & Anr. …Respondent/s

Ms. Anjali Gupta, i/b M/s. Raval-Shah, Advocate for Appellant. Mr Sachin Koli, Advocate for Respondent

The Appellants have come up with an appeal impugning the dismissal of the Securitization Application (SA) No. 13/2021 on the files of the Debts Recovery Tribunal-III, Mumbai (DRT) vide order dated 16.09.2022.

1. The Appellants had raised several contentions in the S.A. filed under section 17 of the Securitisation & Reconstruction of Financial Assets & Security Interest Act, 2002 (‘SARFAESI Act’, for short) with regard to the insufficiency of the notice u/s 13 (2) dated 19.01.2018. The subsequent Sarfaesi measures u/s 13 (4) also stand challenged. The Appellants had sought a stay of the auction of the secured assets on the grounds of the violation of Rules. The property has already been sold in the auction and possession has been handed over to the auction purchaser in whose name the Sale Certificate stands registered. Consequently, the SA was dismissed.

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1. The Appellants are in appeal. The total amount that is due accordingly to the Respondent Bank as of the date of the Appeal is ₹ 92,75,901/- which also includes the interest till the date and also the legal expense and other charges.