Disposed

The Authorised Officer Edelweiss Asset Reconstruction Co. Ltd. and Anr. v. Mr Vikram Vijaykumar Choubey and 2 Ors.

DRAT18 Jul 2025MISC APPEAL/105/2025

Case brief

AI extract

What is this about?

In a miscellaneous appeal against an interim stay order passed by the DRT regarding the sale of a secured asset under the SARFAESI Act, the DRAT directed the lower Presiding Officer to dispose of the amendment application challenging the sale notice and the main securitisation application expeditiously before disposing of the main appeal.

What did the court decide?

Directed the Learned Presiding Officer to dispose of LA No. 1126/2025 for amending the prayer in Securitisation Application and the main SA Dy No. 919/2024 expeditiously.

The Authorised Officer Edelweiss Asset Reconstruction Co… — Banking and Recovery | DRAT (2025)

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DEBT RECOVERY APPELLATE TR1BUNAL-MUMBAI . (SITTING AT -CHENNAI)

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Misc. Appeal No. 105/2025

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Dated: 18.07.2025

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The matter is taken up for hearing by way of a Praecipe filed by the Petitioner/Appellant Institution for seeking urgent relief.

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This Appeal is filed against the order passed in LA. No. 1127/2025 staying the sale of secured asset, fixed on 14.05.2025, on payment of Rs. 1 Crore on or before 13.05.2025. Learned Counsel for Petitioner/Appellant Institution submitted that Respondents filed SA Dy. No. 919/2024 challenging the measures taken under SARFAES1 Act including Demand Notice issued under Section 13(2) and Possession Notice .issued under Section 13(4). The impugned Sale Notice dated 07.04.2025 was not challenged at all in main Securitisation Application. However, an Application in LA. No. 1126/2025 was filed for amending the SA to facilitate the challenge to the impugned Sale Notice. Along with the said Application LA. No.1127/2025 was filed seeking stay of sale, wherein Learned Presiding Officer passed conditional order to pay Rs.l Crore, and oh such payment, the sale was stayed.

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It is further submitted that in terms of this order, the Respondents paid Rs.l Crore. Because of the stay order, the sale process could not be taken forward. The Petitioner/Institution has to return the EMD amount deposited by the proposed Auction Purchaser. Thus, she pressed for setting aside the order of Learned Presiding Officer passed in LA. No. 1127/2025.

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Learned Counsel for Respondents submitted that in terms of the impugned order a sum of Rs.l Crore was paid.

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Respondents also started paying the EMI regularly.- As per the Statement of Account given by the Institution, ending June, 2025, there was no due in payment of EMI. He is taking steps for settling the loan.

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In the light of the submissions made by the parties and this Appeal is filed only against an interim order passed by Learned Presiding Officer, this Tribunal is of the view that, the Appeal may be disposed of giving direction to Learned Presiding Officer, DRT, Aurangabad, to dispose of the Application in LA. No. 1126/2025 for amending the prayer in the Securitisation Application challenging the sale and ultimately dispose of the main S.A Dy. 919/2024, on merits and in accordance with law, as expeditiously as possible.

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Accordingly, the Appeal in Misc. Appeal No. 105/2025 is disposed of. No order as to costs. All pending IAs, if any, stand closed.

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CHAIRPERSON, DRAT. CHENNAI
(1N-CHAROE, DRAT, MUMBAI)

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PAM

The Authorised Officer Edelweiss Asset Reconstruction Co. Ltd. and Anr. v. Mr Vikram Vijaykumar Choubey and 2 Ors.

Case brief

What is this about?

What did the court decide?

The Authorised Officer Edelweiss Asset Reconstruction Co. Ltd. and Anr. v. Mr Vikram Vijaykumar Choubey and 2 Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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