Best Deal Properties Pvt. Ltd. versus International Asset Reconstruction Company Pvt. Ltd. and 2 Others

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 18/2023 (Stay) In Appeal No. 3/2023

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Between

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M/s. Best Deal Properties Pvt Ltd. … Appellant/s V/s.

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M/s. International Asset Reconstruction Company Pvt Ltd. & Ors.

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…Respondent/s

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Mr. Umesh Shetty, along with Mr. Gopalkrisha Nayak, i/b M/s. Flavia Legal, Advocate for Appellant.

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Mr. Rohit Gupta, along with Mr. Vinay Deshpande and Mr. Rupak Sawangikar, i/b M/s. V. Deshpande & Co., Advocate for Respondent.

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-: Order dated: 16/01/2023:-

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This is an application for a stay preferred by the Appellant who is aggrieved by the dismissal of the Securitisation Application (S.A.) No. 269/2012 on the files of the Debts Recovery Tribunal-III, Mumbai( D.R.T.) by a detailed order. The Appellant has filed this application for stay apprehending that it would be dispossessed of the secured property.

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The Ld. Counsel appearing for the Respondent seeks time to file a detailed reply to this application for stay and undertakes that the Respondent has not taken any steps u/s. 14 of the Securitistion & Reconstruction of Financial Assets & Security Interest Act, 2002 (‘SARFAESI Act’, for short) for possession of the property and that

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1

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no steps for taking possession would be taken without acquiring an order u/s 14.

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It is further undertaken by the Ld. Counsel for the Respondent that even in case of possession attempted to be taken without or with an order u/s. 14, two weeks prior notice shall be served on the Appellant.

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Recording this submission, time is granted to the Respondent, to file a reply within two weeks.

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Post on 13.02.2023 for reply/hearing.

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Sd/Chairperson

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rm-30

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2

Best Deal Properties Pvt. Ltd. v. International Asset Reconstruction Company Pvt. Ltd. and 2 Others

Case brief

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Best Deal Properties Pvt. Ltd. v. International Asset Reconstruction Company Pvt. Ltd. and 2 Others

Case brief

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