Disposed

Smt. Sandhyarani W/O Padmakar Shende v. Motilal Oswal Home Finance Ltd.

DRAT3 Oct 2024IA/111/2024

Case brief

AI extract

What is this about?

In an S.A. regarding a debt recovery sale, the Court held that the primary challenge was against a failed sale, rendering the appeal infructuous. The appellant was given liberty to amend the petition to challenge a subsequent sale served without notice if advised.

What did the court decide?

Appellants given liberty to approach DRT for amendment of S.A. to challenge subsequent sale and appropriate relief.

Smt. Sandhyarani W/O Padmakar Shende versus Motilal Oswal… — Banking and Recovery | DRAT (2024)

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

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I.A. No.111/2024 (WoD) In Appeal on Diary No.270/2024

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Between

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Sandhyarani W/o Padmakar Shende & Anr. … Appellant/s V/s.

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Motilal Oswal Home Finance Ltd. …Respondent/s

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Mr Gaurang Kinkhabwala i/b Mr N.L. Karamchandani, Advocate for Appellants.

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Mr Padmakar Garad (through video-conferencing) along with Mr Salman Athania i/b M/s. SG Legal & Asso., Advocate for Respondent.

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The appellants are in appeal impugning the order dated 25.01.2024 dismissing the Interlocutory Application (I.A.) No. 27 of 2024 in Securitisation Application (S.A.) No. 377 of 2023 by the Debts Recovery Tribunal, Nagpur (DRT) when the property was attempted to be sold in auction on 22.12.2023. The appellants had raised several contentions in challenging the sale notice.

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When the appeal was taken on file on 22.04.02024, the Ld. Counsel appearing for the respondent submitted that the sale which was conducted on 27.01.2024 had failed for non-deposit of the entire sale consideration within the stipulated time and the Ld. Counsel was directed to clarify the failure of the exact amount i.e. due and payable

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by the appellants. The matter was listed on 19.06.2024 and subsequently adjourned for hearing today.

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Today when the matter came up for hearing, the Ld. Counsel appearing for the respondent submits that the subsequent sale which took place on 07.06.2024 was successful, and a reply is also being filed. The sale was also confirmed. The Ld. Counsel appearing for the appellants submits that no sale notice was served on the appellants. and therefore, that sale is invalid. The appeal is directed against the sale which was to take place on 27.01.2024 which has apparently failed and therefore, the appeal has become infructuous. The challenge to the subsequent sale which allegedly took place on 07.06.2024 is a contentious issue which needs to be contended by way of an amendment to the S.A., if so advised. The Ld. Counsel appearing for the appellants intends to bring out an amendment to the S.A. challenging the alleged sale on the ground that no notice has been served on the appellants. The appellants are given at liberty to approach the DRT with an application for amendment and also for appropriate relief regarding the alleged subsequent sale. The appeal is, therefore, disposed of as infructuous.

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The Ld. Presiding Officer, DRT, Nagpur is directed to dispose of the application, if any, filed by the applicants and also S.A. as expeditiously as possible at any rate within six months from the date of order.

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mks-05

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Smt. Sandhyarani W/O Padmakar Shende v. Motilal Oswal Home Finance Ltd.

Case brief

What is this about?

What did the court decide?

Smt. Sandhyarani W/O Padmakar Shende v. Motilal Oswal Home Finance Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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