Allowed

Honest Shelters Private Limited v. Catalyst Trusteehip Limited

DRAT5 Jun 2024IA/378/2024

Case brief

AI extract

What is this about?

The Debts Recovery Appellate Tribunal allowed an application for waiver of the pre-deposit required to file an appeal. The Court held that since the appellant is the assignee and not the borrower, mortgagor, or guarantor, the mandatory pre-deposit under Section 18(1) proviso (ii) of the SARFAESI Act does not apply, and the appeal is to be taken on file.

What did the court decide?

The application for waiver of deposit (I.A. No. 378/2024) is allowed, and the appeal is directed to be taken on file for hearing before the Registrar.

Honest Shelters Private Limited versus Catalyst Trusteehip… — Company and Corporate | DRAT (2024)

¶1

BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson I.A. No. 378/2024(WoD)

¶2

¶3

Appeal on Diary No. 1207/2024 Between

¶4

Honest Shelters Pvt. Ltd. … Appellant/s V/s.

¶5

Catalyst Trusteeship Ltd. & Ors. …Respondent/s Senior Counsel Mr Nitin Thakkar along with Ms Saloni Sulakhe and Mr Shruit Kulkarni, i/b M/s Dhaval Vussonji& Associates, Advocate for Appellant.

¶6

Mr Gaurang Kinkhabwala along with Ms Kamini Pansare, i/b Mr Ravi Mungekar, Advocate for Respondent No. 1.

¶7

Mr Sidharth Samantaray, i/b Mr Kushal Sawant, Advocate for Respondent No. 2.

¶8

Mr Vishal Maheshwari, i/b M/s V.M. Legal, Advocate for Respondent No. 3.

¶9

-: Order dated: 05/06/2024:-

¶10

The matter is taken up for hearing by way of a praecipe filed by the appellant for seeking urgent relief.

¶11

This is an application for waiver of pre-deposit for entertaining this appeal which is preferred against the order dated 29.05.2024 in I.A. No. 1144/2024 in S.A. No. 104/2024 on the files of the Debts Recovery Tribunal–I, Mumbai (D.R.T) whereby, the Ld. Presiding Officer refused to grant any protection to the appellant against the Sarfaesi action initiated by the 1^st respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (“ the SARFAESI Act” for short).

¶12

The appellant company is admittedly not the borrower, mortgaged or guarantor and therefore, the provision of the 2^nd

¶13

¶14

proviso u/s. 18(1) of the SARFAESI Act would not be applicable and for entertaining this appeal the mandatory pre-deposit need not be made. The Ld. Counsel appearing for the respondents also concedes the fact that no pre-deposit is necessary.

¶15

Under the circumstances, the application for waiver of deposit filed as I.A. No. 378/2024 is allowed and the appeal is directed to be taken on file if there are no other defects to be cured and listed before the Registrar.

¶16

Since there is an impending possession to be taken tomorrow, the appeal shall be numbered and listed before this Tribunal for hearing of the stay application.

¶17

List on 06.06.2024 for hearing.

¶18

Sd/Chairperson

¶19

rm-24

¶20

Honest Shelters Private Limited v. Catalyst Trusteehip Limited

Case brief

What is this about?

What did the court decide?

Honest Shelters Private Limited v. Catalyst Trusteehip Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Mohammad Moinnuddin khan versus PNB Housing Finance Ltd.

Royal Traders versus Asset Reconstruction Company of India Ltd.

Royal Traders versus Assets Reconstruction Company of India Ltd.

Indian Overseas Bank versus Dr. Suman Shivaji Rathod

rudrax creation and Ors. versus Hdfc Bank

rudrax creation and Ors. versus Hdfc Bank