Ms Kitty Creations v. Indian Overseas Bank
Case brief
What is this about?
The Single Judge disposed of an appeal filed under Section 18 of the SARFAESI Act against an interim order rejecting an application due to the sale of the secured property. While seizure was not effected, the court allowed the appellant liberty to file an appropriate application before the Tribunal below within a week for reconsideration.
What did the court decide?
The appeal is disposed of finally with liberty to file an appropriate application before the Tribunal below within one week.
Appeal Dy. No. 425/2025 Date: 02.04.2025
M/s Kitty Creations Vs. Indian Overseas Bank
Present: Shri Shadab Alam, counsel for the appellant, Shri Maneesh Mehrotra, counsel for the respondent-Bank, Shri A. K. Srivastava, counsel for the respondent-auction purchaser,
Heard the learned counsels for the parties.
The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 07.02.2025 passed by the Tribunal below in S.A. No. 599/2019, whereby the interim application has been rejected as the property has been sold and the sale certificate has also been issued.
Learned counsel for the respondent-Bank submits that the possession of the property in question, which was scheduled to be taken on 07.02.2025, could not be taken and if the possession is to be taken, fresh notice will be given to the appellant.
After hearing the learned counsels for the parties and considering the facts and circumstances of the case, since the securitization application is still pending before the Tribunal below, therefore, the present appeal stands disposed off finally with the liberty to the appellant to file appropriate application before the Tribunal below within a week from today. If such application is filed within the aforesaid stipulated period, the Tribunal below shall consider and decide the same within a week thereafter.
Justice R. D. Khare Chairperson
Issues for consideration
1 issue framed by the court
Whether the appeal under Section 18 of the SARFAESI Act against the interim order rejecting the interim application, subsequent to the sale of property, shall be disposed of allowing liberty to file a
Parties & counsel
- appellant
M/s Kitty Creations
- respondent
Indian Overseas Bank
- respondent
Auction Purchaser
Coram
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · April
- CNR
- 091090004252025
- Topic
- Banking and Recovery
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