Indiabulls Commercial Credit Ltd. v. M/S D.B. Footwear and Another

Appeal Dy. No. 911/2023 Date: 20.07.2023

India Bulls Commercial Credit Ltd. Vs. M/s D. B. Footwear and Anr.

Present: Shri S. S. Nigam, Senior Advocate assisted by Shri V. K. Shukla, counsel for the appellant, Shri B. K. Kesharwani, counsel for the respondent,

Heard the learned counsel for the appellant.

The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 15.06.2023 passed by the DRT, Allahabad in S.A. No. 961/2022, whereby the Tribunal below has restrained the financial institution from taking physical possession of the property in question on 16.06.2023 on the ground that the respondent-F.I. has not published the possession notice in two newspapers one in Hindi edition and second in English edition in accordance with Rule 8(2) of the Security Interest (Enforcement) Rules, 2002, whereas the same was published in only one newspaper namely Business Standard. It is contended that the Business standard newspaper is not widely circulated in the area, where the respondents reside, which is in violation of the said Rule.

Let the learned counsel for the appearing respondent file response to the submission of the learned counsel for the appellant-Bank.

The report of the Registrar dated 18.07.2023 shows that the urgency application being I.A. No. 571/2023 has been filed.

Since the matter has been taken up today, therefore the urgency application being I.A. No. 571/2023 has become infructuous and is disposed off as such.