M/S Bajrang Building Material Stores and Another v. Canara Bank

Appeal Dy. No. 180/2025 Date: 07.02.2025

M/s Bajrang Building Material Stores & Anr. Vs. Canara Bank

Present: Shri V. K. Shukla, counsel for the appellant, Shri Maneesh Mehrotra, counsel for the respondent-Bank,

Heard the learned counsels for the parties.

Learned counsel for the appellants submits that the possession of the secured asset has already been given to the auction purchaser, who is likely to created third party interest over the property in question, therefore, the interest of the appellants may be protected till the disposal of the securitization application. Learned counsel further submits that the securitization application is pending before the Tribunal below, therefore, a direction may be issued to the Tribunal below to decide the pending securitization application within the time as stipulated by this Tribunal.

In view of the above, the present appeal stands disposed off with direction to the Tribunal below to consider and decide the S.A. No. 1100/2024, which is stated to be pending, in accordance with law most expeditiously, preferably within three months from the date of production of certified copy of this order. Till then the auction purchaser shall not create any third party interest over the property in question.

Justice R. D. Khare Chairperson

Anupam