Disposed

Shri Vilas Eknath Nandgude v. Sammaan Capital Limited Formerly Indiabulls Housing Finance Ltd. and 2 Ors.

DRAT6 Nov 2025IA/691/2025

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal disposed of an appeal against an interim order staying an auction. It directed the DRT to expedite disposal and extended interim orders but reserved further orders on the main appeal.

What did the court decide?

Direction to DRT Pune to dispose main SA expeditiously; interim orders extended for four weeks.

Shri Vilas Eknath Nandgude versus Sammaan Capital… — Labour and Industrial Disputes | DRAT (2025)

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DEBT RECOVERY APPELLATE TRIBUNAL-MUMBAI (SITTING AT -CHENNAI)

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In Misc. Appeal No. 165/2025 I.A. No. 691/2025 (Direction)

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Dated: 06.11.2025

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307/2024. This Appeal is filed against I.A. No. 2147/2024 in S.A. No. Auction Purchaser are present though VC. Ld. Counsel for Petitioner/Appellant, Respondent No. 1 and

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The aforesaid application is filed for following relief -

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aside being illegal and null and void ab initio. That the entire action commencing from declaring the Applicant A/c as NPA, Issuing of Demand Notice Publication thereof Issuing of Symbolic Possession Notices Publication thereof Applying for Section 14 order affidavits thereto DM aside. papers mortgage and statement of accounts original title dceds and after adjudication of legitimate dues opportunity be provided to the Applicant to pay off clear such dues by easy installments as may be deemed fit and proper to the Hon'ble Debts Recovery Tribunal Pune.

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h) The Defendant No.1 be restrained by an order of injunction or such other type of order like status quo from taking any further measures pertaining to the said flat property as described in schedule until the final adjudication of the S.A.

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i) The Applicant crave leave to add and amend this proceedings j) Any other orders be passed in the interest of justice. In the alternative and without prejudice the Defendants Company be directed to calculate the correct dues as per direction of various Courts, DRT and Bombay High Court in applicants matter and also recalculate the entire statement of account as per Supreme Court's directions in the matter of CBI VV /s. Ravindra n Case and give due credit considering. the rate and by applying OTS policies as arere m andatorya and applicable to Company and after adjudication of the same by Honble Tribunal reasonable time may be granted to Applicant to repay the OTsS a nmount by easy installments with recalculation of claim in accordance with law.

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m) For such further and other reliefs as this Honble Tribunal may it and proper in the fa cts and circumstance of the

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a) The S.A. be allowed with costs. b) of the SARFAESI Act 2002 and execution notice thereof issued i

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e) g) The. Defendants Company be directed to submit all the loan k) fact that said loan was correctly calculated and charging the correct rate of interest as per RBI guidelines and applicable auction purchaser, handing over possession to auction purchaser, registering Sale Certificate etc. be quashed and set Order passed by the Hon'ble District Magistrate Pune u/s.14 75% amount from auction purchaser, issuing sale certificate to by Circle Officer and entire auction proceedings and all such

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c) prohibit the Authorised Officer of Defendant No.1 from nay

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auction purchaser, confirming auction, further accepting the

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required on receipt of any addition papers and information.

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d) The interim orders during the pendency may be passed to 31.08.2024, finalizing bid, further accepting 25% amount from That the presently impugned auction notice dated 12.08.2024 actions may be done hercinafter being null and void ab initio proceedings further in any manner in the auction done on

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1. For costs and of the present S.A.

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f) Opportunity may be given to take additional grounds if That this Honorable Tribunal be pleased to restrain the scheduling auction on 31.08.2024, conducting the auction on

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deem fit and pror exercise any rights in respect of the secured immovable property as described in Schedule hereto annexed till disposal all be declared to be not enforceable and be quashed and set Defendant Company to further deal in any manner and 31.08.2024 pursuant to the Auction Notice dated 12.08.2024

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present case. as and if required

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aforesaid reliefs is still pending, this Tribunal is of the view of Learned Presiding Officer, DRT, Pune to dispose S.A. No. held that the sale of auction property was conducted by the Application. Since the main S.A. No. 307/2024 filed for defendant Finance Company, prima facie, is within the framework of Securitisation of Law, therefore, dismissed the that this Appeal can be disposed by giving direction to the submissions of Learned Counsel appearing for the parties 307/2024 as expeditiously as possible. Learned Presiding Officer after going through records and

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and in accordance with law. to dispose of SA No.307/2024 as expeditiously as possible Accordingly, Learned Presiding Officer, DRT, Pune is directed

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continuance or discontinuance of the interim order. the period of four weeks from today. Thereafter, it is open to the discretion of Learned Presiding Officer to decide on the Interim order already granted by this Tribunal is extended for

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indicated above. Parties shall bear their own costs. In the result, Misc. Appeal No. 165/2025 is disposed of, as

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Ali Pending I.As. stand closed.

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CHAIRPERSON, DRAT, CHENNAI (IN-CHARGE, DRAT, MUMBAI)

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MKS-11

Shri Vilas Eknath Nandgude v. Sammaan Capital Limited Formerly Indiabulls Housing Finance Ltd. and 2 Ors.

Case brief

What is this about?

What did the court decide?

Shri Vilas Eknath Nandgude v. Sammaan Capital Limited Formerly Indiabulls Housing Finance Ltd. and 2 Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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