New Star Enterprises v. Union Bank of India
Case brief
What is this about?
The Single Judge's appeal under the SARFAESI Act against a declined interim order is disposed of finally. The court maintains status quo on the property due to the pending securitization application and grants liberty to file a fresh interim application before the Tribunal.
What did the court decide?
Status quo on the property is maintained; liberty to file an interim application before the Tribunal within one week.
What the court decided
Appeal Dy. No. 502/2025 Date: 07.04.2025
New Star Enterprises Vs. Union Bank of India
Present: Shri S. K. Gupta, counsel for the appellant, Shri Bharat Kant, counsel for the respondent-Bank,
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 28.03.2025 passed by the Tribunal below in S.A. No. 301/2022, whereby the interim application has been declined.
After hearing the learned counsel for the appellant 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 liberty to the appellant to move an appropriate application for redressal of his grievances within a week from today. In case the appellant files an interim application before the Tribunal below within the stipulated period, the same shall be considered and decided preferably on the same day or within a week thereafter. Till that time or disposal of the interim application, whichever is earlier, the status quo qua the property in question as it exists today shall be maintained by all the parties concerned.
Justice R. D. Khare Chairperson
Anupam
Issues for consideration
2 issues framed by the court
Whether the appeal filed under section 18 of the SARFAESI Act regarding an interim order should be decided given the pendency of the securitization application.
Whether status quo should be maintained on the property in question pending the consideration of a subsequent interim application.
Parties & counsel
- appellant
New Star Enterprises
- respondent
Union Bank of India
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · April
- CNR
- 091090005022025
- Topic
- Banking and Recovery
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