Kinkar Das v. Union Bank of India
Case brief
What is this about?
The High Court disposed of the appeal filed under Section 18 of the SARFAESI Act. Since the underlying securitization application was pending before the Tribunal, no decision on the merits was made. The judgment granted liberty to file an application, stayed the relief*, ordered maintenance of status quo until that time, and warned that the stay would vacate automatically if no application was fil
What did the court decide?
Liberty to file application within one week; status quo maintained; automatic vacation of stay if no application filed.
Appeal Dy. No. 1715/2024 Date: 14.11.2024
Kinkar Das Vs. Union Bank of India
Present: Shri Puneet Bhadauriya, counsel for the appellant, Shri Bharat Kant, 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 17.10.2024 passed by the Tribunal below in S.A. No. 618/2024, whereby the interim application has been rejected by the Tribunal below.
After hearing the learned counsel for the appellant and considering the facts and circumstances of the case, since the securitization application is still pending before the Tribunal below, therefore, the present appeal stands disposed off finally with liberty to the appellant to move an appropriate application for redressal of his grievances within a week from today. In case the appellant files an appropriate application before the Tribunal below within the stipulated period, the same shall be considered and decided preferably on the same day or within a week thereafter. Till that time or disposal of the interim application, whichever is earlier, the status quo qua the property in question as it exists today shall be maintained by all the parties concerned.
However, it is made clear that if no application is filed by the appellant within the period as stipulated above, the aforesaid status quo order shall stand automatically vacated.
Justice R. D. Khare Chairperson
Issues for consideration
3 issues framed by the court
Whether the appeal filed under section 18 of the SARFAESI Act against the rejection of an interim application requires adjudication when the securitization application is pending before the Tribunal.
Whether the status quo regarding the property should be maintained pending the disposal of the interim application.
What the relief available to the appellant is if he fails to file an application within the stipulated period.
Parties & counsel
- appellant
Kinkar Das
- respondent
Union Bank of India
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · November
- CNR
- 091090017152024
- Topic
- Banking and Recovery
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