Aditi Kumari v. Canara Bank
Case brief
What is this about?
The single bench dismissed an appeal against a subordinate tribunal order deferring a sale certificate. The court held that remedies lie pending before the Tribunal regarding the securitization application and disposed of the appeal.
What the court decided
A compact analysis
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Appeal Dy. No. 1541/2024 Date: 07.11.2024
Aditi Kumari Vs. Canara Bank & Ors.
Present: Shri A. K. Srivastava, counsel for the appellantAuction Purchaser, Shri Alok Rai, counsel for the respondent-Bank,
Heard the learned counsels for the parties.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 12.09.2024 passed by the Tribunal below in S.A. No. 494/2021, whereby the issuance of sale certificate has been deferred.
Learned counsel for the appellant submits that as per the order impugned, a direction has been issued to the appellant to deposit 75% of the bid amount, but the sale certificate will not be issued till finalization of the pending S.A. It is further contended that the period of 90 days has not lapsed and the appellant is ready to deposit 75% of the bid amount subject to issuance of sale certificate.
Learned counsel for the respondent-Bank submits that if the appellant deposits 75% of the bid amount, the sale certificate will be issued in favour of the appellant.
After hearing the learned counsels for the parties and considering the facts and circumstances of the case, this court is of the opinion that since the securitization application is still pending before the Tribunal below, therefore, there is remedy open to the appellant by filing appropriate application for redressal of his grievances before the Tribunal below. If such application is filed, this Tribunal has no doubt that the Tribunal below shall consider and decide the same in accordance with law and the S.A. itself may be decided most
Issues for consideration
1 issue framed by the court
Whether the appellate court should allow an appeal against a tribunal order that deferred the issuance of a sale certificate while a securitization application remains pending.
Parties & counsel
- appellant
Aditi Kumari
- respondent
Canara Bank & Ors.
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · November
- CNR
- 091090015412024
- Topic
- Banking and Recovery
All orders in this case
2 orders share this CNR
- Order 1 — this page · Rajesh Dayal Khare
- Order 2 · Rajesh Dayal Khare
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