Disposed

Demas Developers Pvt. Ltd. v. Icici Bank Limited

DRAT5 Jan 2023MISC APPLICATION/196/2022

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal rejected the applicant's prayer to transfer the pendency matter from DRT-III to DRT-I. Instead, it directed the lower tribunal to dispose of the application expeditiously within a deadline before 01.03.2023.

What did the court decide?

The application was disposed of; transfer was rejected but the Trial Court was directed to dispose of the matter by 01.03.2023.

Demas Developers Pvt. Ltd. versus Icici Bank Limited — Banking and Recovery | DRAT (2023)

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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

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Misc. Application No.196/2022 Arising out of S.A. No.384/2022 (DRT-III, Delhi)

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Demas Developers Private Limited Vs. ICICI Bank Ltd. & Ors.

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05.01.2023 Hon’ble Mr. Justice Brijesh Sethi

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Present: Mr. Kaushik Khullar, Ld. counsel for the applicant

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Mr. Sanjiv Kakra, Ld. Sr. Advocate along with Mr. Bheem Sain Jain and Ms. Shweta Saini, Ld. counsel for the respondent no.1

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This matter has been taken up by me through Video Conferencing.

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This is an application seeking transfer of the S.A. No.384/2022 pending before DRT-III, Delhi to DRT-I, Delhi for expeditious hearing on the ground that the auction of the property in question has already taken place and the highest bidder is going to deposit the balance auction money by 28.12.2022 and there is an apprehension that the bank may issue the sale certificate in favour of the highest bidder in near future. Alternatively, it has been prayed that the learned DRT-III, Delhi may be directed to conduct expeditious hearing of the S.A.

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Mr. Sanjiv Kakra, Ld. Sr. Counsel, has appeared for the respondent bank today. He states that on the request of the highest bidder, the bank has extended the time to deposit the balance auction money up to 10.03.2023 and in these circumstance there is no immediate threat of issuance of sale certificate. He also states that respondent bank has no objection in case this Tribunal directs the learned DRT to dispose of the S.A. in a time-bouond manner.

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Heard. Ld. counsels for the parties have informed that the next date before the learned DRT-III, Delhi is 24.01.2023. The learned DRT-III, Delhi is requested to take up the S.A. in question on the said date, and if not possible to take up the matter on the said date, then let it be tekan immediately thereafter, and dispose of the same as expeditiously as possible, preferably before 01.03.2023.

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With the above direction, the application stands disposed of.

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File be consigned to record room.

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(CHAIRPERSON)

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-pk

Demas Developers Pvt. Ltd. v. Icici Bank Limited

Case brief

What is this about?

What did the court decide?

Demas Developers Pvt. Ltd. v. Icici Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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