The court considered an appeal against an interim status quo order by the Tribunal. It held that remedies remain open before the Tribunal regarding the pending securitization application and listed a date.
The appeal was dismissed on the ground that the remedy lies in the Tribunal regarding the pending application.
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Appeal Dy. No. 336/2024 Date: 12.03.2024
IIFL Home Finance Ltd. Vs. AKS Electricals and Electronics
Present: Shri Udai Chandani, counsel for the appellant, Shri Shadab Alam, counsel for the respondent-Borrower,
Heard the learned counsel for the appellant.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 15.01.2024 passed by the Tribunal below in S.A. No. 934/2023, whereby the status quo order has been passed by the Tribunal below.
After hearing the learned counsel for the appellant 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 against the interim order. If such application is filed, this Tribunal has no doubt that the Tribunal below shall consider and decide the same in accordance with law most expeditiously.
Justice R. D. Khare Chairperson
Anupam
1 issue framed by the court
Whether the interim order of the Tribunal infringes the appellant's rights under Section 18 of the SARFAESI Act when the securitization application is pending.
1 provisions across 1 enactments
IIFL Home Finance Ltd.
AKS Electricals and Electronics
R. D. Khare
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
