Shailesh Shalikram Rangari v. a O Phoenix Arc Pvt. Ltd.
Case brief
What is this about?
This is an interim order in a securitization appeal. The appellant claims bona fide purchase of disputed property and challenges mortgage proceeds against recovery. The court dismissed a stay request but noted the predecessor's title argument, listing the matter for future dates.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson
I.A. No. 780/2023 (Stay)
In Misc. Appeal No. 142/2023
Between
Shailesh S/o Shalikram Rangari … Appellant/s V/s. Authorized Officer, …Respondent/s Phoenix ARC Pvt. Ltd. & Ors. Mr. Radhe Agrawal, Advocate for Appellant. Mr. Sachin K., Advocate for Respondent Nos. 2 to 5.
The Appellant who is the Applicant in Securitization Application (S.A.) No. 154/2023 on the files of the Debts Recovery Tribunal, Nagpur (D.R.T.) is aggrieved by the dismissal of Interim Application (I.A.) No. 861/2023 vide order dated 06.11.2023 which declined to protect his possession over the secured asset which is being proceeded against for recovery of the debt due from Respondents Nos. 2 to 5 under the provision of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act” for short). 2. The Appellant claims to be the exclusive owner of the property which is being proceeded against. It is contended that he purchased the property from Mr Anil Kalluprasad Shukla through the registered sale deed executed on 10.01.2019 and has owned the said property ever since. The predecessor-in-interest Mr Shukla, had in turn,
1
purchased the said property from one Ishwarchand Gore vide a registered sale deed executed on 14.10.1980.
Issues for consideration
2 issues framed by the court
Whether the appellant is entitled to a stay of SARFAESI measures pending disposal of their securitization application.
Whether the mortgage created in 2018 is valid against the appellant who purchased the property in 2019.
Parties & counsel
- appellant
Shailesh S/o Shalikram Rangari
- respondent
Phoenix ARC Pvt. Ltd.
- respondent
Authorized Officer
- respondent
Respondents Nos. 2 to 5
Coram
Case details
As recorded by the court registry
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