Disposed
Punjab and Sind Bank v. Patil Constructions and Infrastructure Ltd.
DRATIA/524/2024
What the court decided
AI extract
Outcome
Disposed
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 524/2024 (I.R.) In
Misc. Appeal No. 66/2023
Between
Punjab and Sind Bank … Appellant/s V/s.
M/s Patil Constructions and Infrastructure Ltd. &
Ors. …Respondent/s
Ms Sunita Rawat, i/b Mr O.A. Das, Advocate for Appellant Bank. Mr Shashank Shubham i/b Mr Ashwin V. Sakolkar, Advocate for Respondent.
The matter came up for urgent hearing by way of a praecipe filed by the respondents today.
The Ld. Counsel appearing for the respondents submits that the sale notice has already been issued for selling the entire secured assets for the realisation of the debt which is much less than the value of the entire property now put up for sale. Hence, it is prayed that the sale has to be set aside and auction sale notice has to be stalled. The applicant/respondent has not come up in appeal. He has applied the D.R.T. and the same is listed on the date of auction. He is anxious
that if no orders are passed on that date, the sale may proceed. The fact that the bank is proceeding to sell the entire properties to recover a debt which is much less than the value of the property, entitles the borrower to insist on the sale of only as much property as is required
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for the realisation of the debt and hence, the applicant is directed to approach the D.R.T. for appropriate relief and appropriate orders may be passed by the D.R.T.
Hence, I.A. No. 524 of 2024 is disposed of. List the matter on 20.09.2024 for a hearing.
Sd/Chairperson
mks-22
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Punjab and Sind Bank
M/s Patil Constructions and Infrastructure Ltd.
Ashok Menon
As recorded by the court registry
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