Allowed

Inder Kumar Gupta v. Axis Bank

DRAT6 Oct 2023IA/672/2023

Case brief

AI extract

What is this about?

In an appeal against the DRB Tribunal's rejection of interim relief, the bench found a prima facie case that appellants as legal heirs of the deceased owner had title to the mortgaged property. Consequently, an interim stay was granted on the seizure of assets pending final hearing.

What did the court decide?

Interim stay granted on taking possession of the property pending final hearing of the appeal.

Inder Kumar Gupta versus Axis Bank — Banking and Recovery | DRAT (2023)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 672/2023

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Misc. Appeal No. 105/2022

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Between

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Inder Kumar Gupta & Ors. … Appellant/s V/s.

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Axis Bank Ltd. & Ors. …Respondent/s

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Mr. Gaurang Kinkhabwala, along with Mr. Girish T., Advocate for Appellants.

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Mr. Vinay Deshapnde, i/b M/s. V. Deshapnde & Co., Advocate for Respondents.

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-: Order dated: 06/10/2023:-

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The matter is taken up for hearing by way of a praecipe filed by the Appellant for seeking urgent relief.

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The Appellants are in appeal impugning the order dated 30.05.2022 in I.A. No. 1359/2022 in S.A. No. 327/2019 on the files of Debts Recovery Tribunal-II, Mumbai (D.R.T) whereby the Ld. Presiding Officer declined to grant any interlocutory reliefs to the Appellants with regard to the Sarfaesi measures initiated against the alleged secured assets over which the Appellants claim ¼ right by virtue of being the legal representatives of deceased Mr. Ram Prakash Aggarwal, the owner of the said property, who died on 04.10.1995.

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The mortgager is Respondent No. 5 who had allegedly mortgaged the property on the basis of an entry made in the register maintained by the society in which the secured assets are situated

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indicating that he is the present owner of the property. The Appellants have produced documents to indicate that the Late Ram Prakash Aggarwal was the title holder of the property by virtue of a registered document. There is not a scintilla of material to show that the property was in any way assigned or bequeathed to Respondent No. 5 alone. If that is so, the natural course of succession cannot be upset by the fact that the name of Respondent No. 5 alone is entered in the register. It will have to be examined whether there are sufficient documents of title produced by Respondent No. 5 to create a valid mortgage by deposit of title deeds in favour of the Respondent No. 1 bank.

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The Ld. Counsel appearing for the Appellants undertakes to produce documents to indicate that the Appellants are the natural legal representatives or heirs of the deceased Mr Ram Prakash Aggarwal. The possession of the property is scheduled to be taken on 10.10.2023 instant.

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In view of the prima facie case made out by the Appellants in their favour as co-owners of the property, I am inclined to grant an interim stay with regard to taking over possession of the property. The Appeal shall be posted for final hearing after replies have been filed by the Respondents.

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I.A. is allowed.

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Post the Misc.Appeal on 21.12.2023 for final hearing.

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rm-9

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Inder Kumar Gupta v. Axis Bank

Case brief

What is this about?

What did the court decide?

Inder Kumar Gupta v. Axis Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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