Ms Aarav Industries v. Bank of Baroda
Case brief
What is this about?
The Debt Recovery Appeal Tribunal dismissed the Appellants application for stay against the Debts Recovery Tribunal order modifying the interim stay on possession. The court held that since the sale certificate was already issued and registered to the auction purchaser who deposited the sale consideration, the Appellants could not stall proceedings despite having deposited a portion of the debt. T
What did the court decide?
The application for stay was dismissed. Possession of the property was directed to be handed over to the auction purchaser.
What the court decided
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 79/2023 ((Stay) In Appeal on Diary No. 146/2023
Between
M/s Aarav Industries & Ors. … Appellant/s V/s.
Bank of Baroda & Anr. …Respondent/s
Mr Prashant Pandit, along with Mr Jay Pandit, Advocate for Appellants.
Ms Sandhaya Sondhi, Advocate for Respondent No.1.
Mr Rohit Gupta along with Mr S. Solanki, Advocate for Respondent No. 2.
-: Order dated: 09/02/2023:-
The 1st Appellant is a partnership firm represented by Appellants Nos. 2 and 3 who are the partners of the firm. They are in appeal impugning the order of the Debts Recovery Tribunal-II, Ahmedabad (DRT) dated 19/01/2023 in I.A. No. 4064/2022 in Securitisation Application (S.A.) No. 509 of 2022.
- The present I.A. No. 79/2023 is for a stay of the operation of the aforesaid impugned order of the Ld. Presiding Officer.
Issues for consideration
3 issues framed by the court
Whether the Appellants are entitled to a stay restraining the bank from handing over possession of the sold secured assets to the auction purchaser.
Whether the Appellants are entitled to avail the right of redemption after the sale has been confirmed and registered.
Whether the offer by Appellants to sell the property at a higher price than the reserve price was sufficient to warrant restraining the auction sale.
Parties & counsel
- appellant
M/s Aarav Industries & Ors.
- respondent
Bank of Baroda & Anr.
Coram
Ashok Menon
Case details
As recorded by the court registry
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