Disposed

Pratik Kachru Repale v. State Bank of India

DRAT28 Apr 2023REGULAR APPEAL/79/2022

Case brief

AI extract

What is this about?

The DRAT observed that the High Court had vacated an earlier injunction and directed the borrower to hand over possession for a fresh auction. Consequently, the Tribunal stayed filed appeal challenging the DRT order, directed parties to seek clarification from the High Court, and posted the matter.

What did the court decide?

Direction to seek clarification from the Hon'ble High Court and leave to move the appeal again post-clarification.

Pratik Kachru Repale versus State Bank of India — DRAT (2023) — LawSathi Research

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson Appeal No.79/2022

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Between

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Pratik Kachru R e pale & Ors. … Appellant/s V/s. State Bank of In d ia & Anr. … Respondent/s Mr Rajesh Nago r i, along with Ms Vaishali Bhilare, i/b Mr. Samrath M, Advocate for A ppellants Mr R.J. Singh, A d vocate for Respondent.

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-: Order dated: 28/04/2023:-

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After heari n g both sides for some time it is u n derstood that the Hon’ble High C o urt had vide order dated 21.01. 2 022 disposed of the Writ Petitio n filed by the borrower as wel l as the auction purchaser (who i s the Appellant herein) with regard to the impugned order passed by D .R.T. disposing of S.A. No. 139 / 2019 vide order dated 02.12.2021 .

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The Hon’ble Hig h Court had in that order directed the possession of the secured asset to be handed over by the borro w er to the creditor Bank, and it was f urther directed thus:

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“11. We, thus vacat e the injunction earlier granted and dire c t that the Tashildar, Thane shall be at lib e rty to issue fresh notice of possession, wit h in 10(ten) days from date fixing any date t hereafter, not beyond 7 (seven ) days of s u ch notice, for taking possession of the se c ured asset and handing over the same to the secured creditor. Once the possession is delivered to the secured creditor, the s ecured asset shall be put up for public a u ction again in accordance with law and a ny party desirous of participating in the auction, including the private buyer wh o was sought to be

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introduced to the secured creditor by the borrower, may do so.

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Insofar as the writ petition instituted by the auction purchasers is concerned, we find no reason to interfere with the order passed by the DRT-III in view of the submission made by Mr. Topkar, the learned advocate, that the auction purchasers would be approaching the DRAT(M) with an appropriate appeal and that all contentions be kept open”

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The appeal has been thereafter filed and it may have to be considered by this Tribunal whether the impugned order of the D.R.T. allowing the S.A. to set aside the sale has to be upheld or not. Since the Hon’ble High Court has directed the fresh auction sale to continue, it will be a difficult proposition for this Tribunal to consider the appeal filed by the auction purchaser to sustain his auction sale in case a fresh sale as sanctioned by the Hon’ble High Court also takes place. Under the circumstances, the parties are directed to get a clarification from the Hon’ble High Court.

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After getting the clarification the parties are at liberty to move this appeal again.

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Post on 27.07.2023 for hearing.

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Sd/Chairperson

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rm-16

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Pratik Kachru Repale v. State Bank of India

Case brief

What is this about?

What did the court decide?

Pratik Kachru Repale v. State Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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