State Bank of India v. Ashray Engicons (P) Ltd.
Case brief
What is this about?
The tribunal allowed an appeal filed by Bank of India against an order that withdrew an attachment order on mortgaged property. The court held that the bank retained the first charge as the mortgage predated the respondent's agreement to sale.
What did the court decide?
Appeal allowed; impugned order dated 30.04.2022 set aside; order dated 16.09.2014 also set aside.
What the court decided
IN DEBTS RECOVERY APPELLATE TRIBUNAL, ALLAHABAD
Appeal Dy. No. 278/2022
State of Bank of India, Stressed Asset Recovery Branch, 2nd Floor, Main Branch Building, West Gandhi Maidan, Patna 800001 through its Chief Manager.
.………....……………………...…………………………………………….....Appellant
- Versus
- M/s Ashray Engicons (P) Ltd, Tube Well No. 2, P.O. B.V. Collage, Sheikhpura, patna 800001
- Sri Binod Kumar, (Managing Director), Son of Sri Tulsi Prashad Singh, Ashray Engicons (P) Ltd., A/47, Ashyray Pawan Apartment, Near Bharat petrol Pump, Bailey Road, Patna 800001
- Neena Das (Director), M/s Ashray Engicons (P) Ltd., W/o Subhash Chandra Das, Tube Well No. 2, P.O. B.V Collage, Sheikhpura, Patna 800001.
- Master Raghav Pandey through his Natural Guardian Amar Nath Pandy, R/o Flat No. 702, Ashray’s R.P. Tower, Frazer Road, Patna 800001
- ….…………………….…….………………………………………………….Respondents
Issues for consideration
2 issues framed by the court
Whether an agreement to sale executed after mortgage creation defeats the mortgagee bank's first charge over the property.
Whether the Recovery Officer erred in withdrawing attachment order based solely on an unregistered agreement to sale without considering the mortgage.
Parties & counsel
- appellant
State of Bank of India
- respondent
M/s Ashray Engicons (P) Ltd
- respondent
Binod Kumar
- respondent
Neena Das
- respondent
Master Raghav Pandey
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · November
- CNR
- 091090002782022
- Topic
- Banking and Recovery
All orders in this case
11 orders share this CNR
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