Indian Overseas Bank v. Subhag Jain
Case brief
What is this about?
In an appeal against an interim order, the Court directed the Tribunal to decide the pending securitization application expeditiously, preferably within three months, without being influenced by the findings in the impugned order.
What did the court decide?
Direction to the Tribunal to decide S.A. No. 263/2024, which is pending, without being influenced by the finding recorded in the order impugned, preferably within three months.
Appeal Dy. No. 1852/2024 Date: 10.02.2025
Indian Overseas Bank Vs. Subhag Jain
Present: Shri Maneesh Mehrotra, counsel for the appellant,
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 21.08.2024 passed by the Tribunal below in S.A. No. 263/2024, in which the next date is already fixed for 20.05.2025 before the Tribunal below.
Learned counsel for the appellant 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 without being influenced by the finding recorded in the order impugned.
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. 263/2024, which is stated to be pending, without being influenced by the finding recorded in the order impugned, in accordance with law, most expeditiously, preferably within three months from the date of production of certified copy of this order.
Justice R. D. Khare Chairperson
Anupam
Parties & counsel
- appellant
Indian Overseas Bank
- respondent
Subhag Jain
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · February
- CNR
- 091090018522024
- Topic
- Banking and Recovery
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