Remanded

Citizen Credit Co-Operative Bank Ltd. v. Vijay B. Kanaya & Ors.

DRAT3 May 2023REGULAR APPEAL/155/2017

Case brief

AI extract

What is this about?

The Debts Recovery Appellate Tribunal allowed the appeals against orders of D.R.T.-III, Mumbai, setting aside the impugned orders and remanding the matters for fresh consideration due to subsequent events regarding the sale of mortgaged property and admissions by the borrower.

What did the court decide?

Set aside the impugned orders of D.R.T.-III and remand the matter for fresh consideration.

Citizen Credit Co-Operative Bank Ltd. versus Vijay B. Kanaya… — Banking and Recovery | DRAT (2023)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson Appeal No. 156/2017

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Between

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Citizen Credit C o -operative Bank Ltd. … Appellant/s V/s. Mr. Uday P. Mehta & Ors. …Respondent/s And Appeal No. 155/2017

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Between

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Citizen Credit C o -operative Bank Ltd. … Appellant/s V/s. Mr. Vijay B. Kan a ya & Ors. …Respondent/s Mr Vinay Desha p ande, i/b M/s. V. Deshpande & C o., Advocate for Appellant.

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-: Common Order dated: 03/05/2023:-

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The Ld. C o unsel appearing for the Appellant has filed a pursis. The appeal is fi l ed by the Appellant challenging the order of the D.R.T.-III, Mu m bai dated 16.08.2017 in S.A.No. 414/2015. There were certain re m arks made in the impugned orde r regarding there being a collusio n between the bank and the borro w er. The original borrower has so l d a mortgaged property to a thi r d party under a registered agree m ent for sale on 04.02.2021 for valid sale consideration.

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The mortg a gor has also given an undertaking to the purchaser

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that on receipt of the amount of consideration under the said agreement he will be clearing the entire outstanding amount due to the bank and obtain a no-due certificate.

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The Thane Municipal Corporation has now demolished the structures despite the Courts orders and at present the property is now an open piece of land. In view of the changed circumstances the Ld. Counsel appearing for the Appellant seeks that matter may be remanded to the D.R.T. and the D.R.T. may be directed to dispose of the matter afresh. Taking into consideration of the subsequent events and the admissions made by the borrower in the assignment deed which was executed subsequent to the disposal of the S.A.

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On recording the submissions of both parties, the appeals are allowed and the impugned Orders are set aside and the matter is remanded to the D.R.T.-III for fresh consideration of the S.A. in view of the subsequent events which have taken place.

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rm-19-20

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Citizen Credit Co-Operative Bank Ltd. v. Vijay B. Kanaya & Ors.

Case brief

What is this about?

What did the court decide?

Citizen Credit Co-Operative Bank Ltd. v. Vijay B. Kanaya & Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

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