Smt Savita Tanwar And Anr. v. Reliance Asset Reconstruction Company Limited and 4 Ors.
Case brief
What is this about?
This single-paragraph order recorded an appellant's statement of readiness to pay and apprehension of asset seizure. The court noted no written notice existed and, without deciding the merits, fixed the proceedings for further directions on 20.09.2023. This is a non-dispositive listing order.
What the court decided
Appeal Dy. No. 664/2022 Date: 30.05.2023
Smt. Savita Tanwar Vs. Reliance Asset Reconstruction Company Limited & Ors.
Present: Shri Sahil Srivastava, counsel for the appellant, Shri S. K. Pandey, counsel for the respondent-F.I.,
Learned counsel for the appellant states that he has received a phone call from the officials of the Bank on 18.05.2023 that they will take physical possession of the secure asset in the week commencing from 18.06.2023, therefore, there is urgency. The appellant is the purchaser of the mortgaged property and is ready to deposit the entire amount with the Bank.
Learned counsel for the respondent-F.I. submits that no predeposit has been made by the appellant and no written notice till date has been given by the bank for taking possession, therefore, apprehension of the appellant is misconceived.
Be that as it may, there is remedy open to the appellant to move an appropriate application before the financial institution offering the amount, which is ready for deposit with the respondent-FI and if such application is moved along with the amount, the same may be considered and decided as per law most expeditiously.
List this case on 20.09.2023.
Justice R. D. Khare Chairperson
Anupam
Issues for consideration
2 issues framed by the court
Whether the appellant has urgency to approach the court given the threat of physical possession and willingness to pay?
What procedural steps are required for the release of secure asset possession?
Parties & counsel
- appellant
Smt. Savita Tanwar
- respondent
Reliance Asset Reconstruction Company Limited
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · May
- CNR
- 091090006642022
- Topic
- Banking and Recovery
All orders in this case
8 orders share this CNR
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