Appeal against order denying ad-interim protection in SARFAESI Securitisation Application due to property sale pending confirmation. Tribunal finds appeal purposeless and directs D.R.T. to decide S.A. within three months.
Appellant directed to approach DRT for setting aside sale via S.A. amendment; DRT to decide S.A. within three months.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
Misc. Appeal No. 27/2023
Between
Lakhpati Arora … Appellant/s
V/s.
India Resurgence ARC Pvt. Ltd. …Respondent/s
Mr Mangesh Patel along with Mr Abhijit Pawar and Mr Anand Panday, i/b M/s R. J. Law, Advocate for Appellant.
Mr Rajesh Nagory along with Mr Vinay Deshpande and Mr Rupak Sawangikar, i/b M/s. V. Deshpande & Co., Advocate for Respondent.
-: Order dated: 15/09/2023:-
The matter is taken up for hearing by way of a praecipe filed on 05.09.2023 by the Appellant seeking urgent relief.
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to grant any protection order stating that the mortgage by the borrower was of the year 2009, who had purchased the property in 2006 and the Appellant claims right over the property consequent to an agreement he had entered into with the builder-developer on 21.12.2013. The Ld. Presiding Officer found that the Appellant has no prima facie case and that he has not conducted due diligence with regard to the documents executed in favour of the borrower as also the mortgage created by him. Hence, the I.As. were dismissed. Aggrieved by that, the Appellant is in appeal. It is submitted that a portion of the property was already sold much earlier and the last item of the property has been sold today, and the sale is awaiting confirmation subject to the deposit of the balance amount by the purchaser.
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Sd/Chairperson
mks-08
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3 issues framed by the court
Whether the appeal has any purpose since the property subject to S.A. has already been sold.
Whether this Tribunal should direct the D.R.T. to expedite hearing of the S.A. regarding the Appellant's claim of bonafide purchase.
Whether the Appellant can seek setting aside of sale by filing an amendment application in the D.R.T.
Lakhpati Arora
India Resurgence ARC Pvt. Ltd.
Ashok Menon
As recorded by the court registry
9 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
