Disposed

Agriculture Produce Market Commitee and Anr. v. Jalgaon Peoples Co. Op Bank Ltd.

DRAT20 Dec 2023REGULAR APPEAL/29/2025

Case brief

AI extract

What is this about?

In an appeal against the dismissal of a Securitisation Application, the Tribunal deferred the hearing of the Appellants' application for a waiver of the security deposit. It directed the auction purchaser to file a reply, listing the matter for 31.01.2024.

What did the court decide?

Application for waiver of deposit listed for hearing on 31.01.2024 after finding no need for urgency.

Agriculture Produce Market Commitee and Anr. versus Jalgaon Peoples… — Arbitration | DRAT (2023)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson

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Appeal on Diary No. 2204/2023

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Between

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Agriculture Produce Market Committee & Anr. … Appellant/s V/s.

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Authorised Officer, Jalgaon Peoples Co-operative Bank Ltd. & Ors. …Respondent/s

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Mr Aayush Kothari alongwith along with Mr Dhananjay Thoke, Advocate for Appellants.

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Mr Archit Virmani along with Ms Shweta Tingre, i/b M/s Optimus Legal, Advocate for Respondent No.2

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Mr Ajit Hon, i/b Aba Shinde, Advocate for Respondent No.39.

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-: Order dated: 20/12/2023:-

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The matter is taken up for hearing by way of a praecipe filed on 19.12.2023 by the Appellants seeking urgent relief.

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The Appellants have come up with an appeal impugning the judgment and order dated 06.11.2023 dismissing the Securitisation Application (S.A.) No. 171 of 2022 on the files of the Debts Recovery Tribunal, Aurangabad (D.R.T.). The Appellants have also filed an application for waiver of deposit under Sec. 18(1) of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’, for short).

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Respondents Nos. 2 and 39 have appeared. The Respondents Nos. 3 to 38 are also the persons aggrieved by the Securitisation measures, and therefore, not likely to oppose the application and the appeal.

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The first Respondent bank has, however, not appeared. The apprehension of the Appellants is that the auction purchaser Respondent No.39 who has purchased the property is likely to create third-party interest before the application for deposit is heard.

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The Ld. Counsel appearing for Respondent No. 39, the auction purchaser, on instruction undertakes that no third-party interest over the property purchased by him. Under the circumstances, there is no urgency to hear the application for a waiver of deposit. Replies may be filed on the application for waiver of deposit. List on 31.01.2024 for hearing.

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Sd/Chairperson

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mks-35

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Agriculture Produce Market Commitee and Anr. v. Jalgaon Peoples Co. Op Bank Ltd.

Case brief

What is this about?

What did the court decide?

Agriculture Produce Market Commitee and Anr. v. Jalgaon Peoples Co. Op Bank Ltd.

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

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