Disposed

Iifl Home Finance Limited and Another v. Kishore Jaiswal and Others

DRAT3 Jul 2023

Case brief

AI extract

What is this about?

The Appellate Tribunal (SAT) disposed of an appeal against an interim stay on a sale certificate under the SARFAESI Act. It directed the DRT to decide the pending appeal on merits within two months without adjournments from either party.

What did the court decide?

Direct the Presiding Officer DRT, Jabalpur to consider and decide S.A. No. 857/2022 most expeditiously, preferably within two months.

Iifl Home Finance Limited and Another versus Kishore Jaiswal… — Banking and Recovery | DRAT (2023)

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Appeal Dy. No. 757/2023 Date: 03.07.2023

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IIFL Home Finance Ltd & Anr. Vs. Kishore Jaiswal & Ors.

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Present: Shri S. S. Nigam, Senior Advocate assisted by Shri Ashish Melhotra, counsel for the Financial Institution, Shri Shailesh Tiwari, counsel for the Borrowers,

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Heard the learned counsels for the parties.

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The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 05.06.2023 passed by the DRT, Jabalpur in S.A. No. 857/2022, whereby the issuance of sale certificate pursuant to the auction dated 10.05.2023 has been stayed.

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Learned counsel for the appellant has drawn attention of this court to the urgency application being I.A. No. 481/2023, in which it has been stated that the public money amounting to more than Rs. 16.00 crores is involved in the present matter and the appellant-Housing Finance Company is a small company and if such huge amount is stalled for long time, it will lead to adverse situation for the company, therefore, it is prayed that the matter may be taken up and appropriate order may be passed. It is not disputed that the S.A. No. 857/2022 is pending consideration before the Tribunal below.

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Learned counsel for the appellant submits that when the appellant proceeded against one of the properties, the borrower filed S.A. No. 857/2022 before the DRT, Jabalpur, in which no interim order was granted. Against that the Borrower filed the Appeal Dy. No. 12/2023 before this Tribunal, in which the interim protection was granted subject to deposit of certain amount. The said order was challenged by the appellant before the Hon’ble High Court of Madhya Pradesh at Indore Bench, Indore by filing the writ petition no.

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3639 of 2023, which was disposed off vide order dated 20.03.2023 directing this Appellate Tribunal to decide the issue of pre-deposit initially before passing the interim order.

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It is further submitted that against the second property, the appellant-F.I. again proceeded, which has wrongly been challenged in the first S.A., wherein the impugned order has been passed, by which the sale certificate pursuant to the auction sale dated 10.05.2023 has been restrained to be issued. It is argued on behalf of the appellant that the amount involved in the present case is more than Rs. 16.00 crores, therefore, if the interim order continues, the appellant-F.I. which is a small company, will be adversely affected, therefore, it is prayed that the interim order dated 05.06.2023 passed by the Tribunal below may be set aside.

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In view of the above, the appeal stands finally disposed off with direction upon the Presiding Officer, DRT, Jabalpur to consider and decide the S.A. No. 857/2022, which is stated to be pending, in accordance with law most expeditiously, preferably within two months from the date of production of certified copy of this order.

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It is made clear that both the parties shall not seek any adjournment before the Tribunal below on any ground whatsoever.

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Justice R. D. Khare

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Chairperson

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Anupam

Iifl Home Finance Limited and Another v. Kishore Jaiswal and Others

Case brief

What is this about?

What did the court decide?

Iifl Home Finance Limited and Another v. Kishore Jaiswal and Others

Case brief

What is this about?

What did the court decide?

What the court decided

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