Mblem Digital v. Uco Bank
Case brief
What is this about?
Debts Recovery Appellate Tribunal (Mumbai) entertained a common appeal challenging the DRT's refusal of protection against possession under SARFAESI Act. The appellant deposited only 25% pre-deposit. The Tribunal ordered maintenance of status quo regarding possession and sale certificate while allowing the bank to receive 75% of the auction sale consideration pending its disposal.
What did the court decide?
Status quo maintained on possession and sale certificate; Bank permitted to receive 75% of balance sale consideration pending appeal disposal.
EFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson
Misc. Appeal on Diary No. 2261/2024
Between
M/s. MBLEM Digital & Ors. … Appellant/s V/s.
UCO Bank & Ors.
…Respondent/s
AND
Misc. Appeal on Diary No. 2468/2024
Between
M/s. MBLEM Digital & Ors. … Appellant/s V/s.
UCO Bank & Ors. …Respondent/s
Mr Rajesh Nagory along with Mr Archit Virmani and Mr Atul Gupta i/b M/s. Optimus Legal Ventures, Advocates for Appellants.
Issues for consideration
3 issues framed by the court
Whether to grant protection to the appellant while the auction purchaser deposits the balance 75% sale consideration pending in DRT.
Whether the status quo regarding taking over possession of the secured property must be maintained during the pending appeal.
Whether to permit the respondent bank to receive 75% of the balance sale consideration.
Parties & counsel
- appellant
M/s. MBLEM Digital & Ors.
- respondent
UCO Bank & Ors.
Coram
Ashok Menon
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · January
- CNR
- 271090022612024
- Topic
- Banking and Recovery
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