M/ s Jai Hanuman Agrotech Pvt. Ltd. and Anr. v. Canara Bank and 3 Ors.
Case brief
What is this about?
The Single Bench, vide order for the date 23.02.2023, listed the appeal hearing for 20.03.2023. The parties briefed the court regarding a waiver application allowed earlier due to recovery of 100% dues via auction, specifically referencing a recent Apex Court judgment on the topic. No substantive decision on merits was rendered.
What the court decided
A compact analysis
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Appeal Dy. No. 1224/2022 Date: 23.02.2023
M/s Jai Hanuman Agrotech Pvt. Ltd. & Ors. Vs. Canara Bank & Ors.
Present: Shri V. K. Pandey, counsel for the appellants, Shri Maneesh Mehrotra, counsel for the respondent-Bank,
Learned counsel for the appellants contends that he shall file affidavit of service along with copy of paper publication today to authenticate the service of notice upon the respondent no. 2.
Learned counsel for the respondent-Bank submits that on 06.01.2023, the waiver application was allowed on the ground that more than 100% of the amount due has been recovered from auction of the property in question. It is contended that he has filed an application stating that no benefit can be taken by the appellant for the amount recovered from the auction purchaser in view of the judgment passed by the Hon’ble Apex Court in Civil Appeal No. 8969 of 2022- M/s Sidha Neelkanth Paper Industries Private Limited & Another Vs. Prudent ARC Limited & Others decided on 05.01.2023.
Learned counsel for the appellant submits that he has already filed rejoinder to the objection taken by the respondent-bank.
List this case on 20.03.2023.
Justice R. D. Khare Chairperson
Anupam
Issues for consideration
2 issues framed by the court
Whether the waiver application arising from the auction sale of security property should be upheld in light of the Supreme Court judgment in Sidha Neelkanth Paper Industries.
Whether the appellant is entitled to the benefit of amount recovered from the auction purchaser.
Parties & counsel
- appellant
M/s Jai Hanuman Agrotech Pvt. Ltd. & Ors.
- respondent
Canara Bank & Ors.
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · February
- CNR
- 091090012242022
- Topic
- Banking and Recovery
All orders in this case
9 orders share this CNR
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