Disposed

Indian Bank v. Ms Garden Reach Asbeetos Agency and Anr.

DRAT4 Aug 2023REGULAR APPEAL/65/2023

Case brief

AI extract

What is this about?

This single bench of the Debts Recovery Appellate Tribunal disposed of an appeal arising from an order by DRT-III, Kolkata. The court directed the Tribunal to decide the pending intervention application (I.A. 2647 of 2022) expeditiously within three months, reserving the final merits for later.

What did the court decide?

Direct the Learned DRT to decide I.A. 2647 of 2022 expeditiously within three months from the date of receipt of the order. Appellant permitted to file objections before the DRT.

Indian Bank versus Ms Garden Reach Asbeetos Agency and Anr. — Banking and Recovery | DRAT (2023)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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Appeal No. 65 of 2023 (Arising out of S.A. 747 of 2021 in DRT-III, Kolkata)

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THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON

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Indian Bank -Vs-	…	Appellant
M/s. Garden Agency & Anot	Reach her … Re	Asbestos spondents
Mr. Santosh	Kumar	Ray with
Ms. Sonal Counsel for Ap	Agarwal, pellant	Learned

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Mr. Debasish Karmakar with Mr. Parikshit Lakhotia and Ms. Purabi Dutta, Learned Counsel for Respondent

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THE APPELLATE TRIBUNAL :

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Instant appeal arises against an order dated 15^th December, 2022 passed by Learned DRT-III, Kolkata in S.A. 747 of 2021.

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Heard the Learned Counsel for the parties and perused the record.

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It appears that the SARFAESI Application under Section 17 of the SARFAESI Act, 2002 was filed by the Respondent challenging the action of the Bank wherein I.A. 2647 of 2022 along with I.A. 2724 of 2022, was filed. I.A. 2724 of 2022, a put up application, was disposed of.

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Further Learned DRT granted time to the Appellant Bank to file affidavit. In the meantime, Learned DRT directed the Bank not to take physical possession of the secured property. Learned Counsel for Appellant submits

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that the order is bad in law as the property has already been auctioned. Under the garb of this order, proceedings of the SARFAESI Application will linger. Since matter is still not finally adjudicated, rather it is pending, Appellants may file objections to I.A. 2647 of 2022 and the Learned DRT should dispose of the I.A. expeditiously preferably within three months from the date copy of this order is received. Since SARFAESI Application is still pending no further order need to be passed except for a direction of expeditious disposal.

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O R D E R

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The appeal is disposed of with a direction to the Learned DRT to decide I.A. 2647 of 2022 expeditiously within three months from the date copy of the order is received. Appellant would be at liberty to file objections against the I.A. before the Learned DRT. Any observation made in this order will not affect the final disposal of the application on merits.

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Copy of the order be supplied to Appellant and the Respondents and a copy be also forwarded to the concerned DRT.

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File be consigned to Record room.

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Order dictated, signed, dated and pronounced in open Court.

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(Anil Kumar Srivastava,J) Chairperson

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Dated 04^th August, 2023 17/ac

Indian Bank v. Ms Garden Reach Asbeetos Agency and Anr.

Case brief

What is this about?

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Indian Bank v. Ms Garden Reach Asbeetos Agency and Anr.

Case brief

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