Disposed

Ahmednagar Merchant C operative Bank Limited v. Phonix Arc Private Limited

DRT22 Feb 2023SA/12/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Aurangabad disposed of a securitisation application by consent, enabling the respondent to initiate sale proceedings under the SARFAESI Act afterAugust 1st, 2023, following agreement on possession and rent payment timelines.

What did the court decide?

The Securitisation Application stands disposed; Respondent permitted to proceed under Section 13(4) SARFAESI Act with possession transfer on/after 01 August 2023.

Ahmednagar Merchant C operative Bank Limited versus Phonix Arc Private Limited — DRT (2023) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAL, AURANGABAD

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(BEFORE HON’BLE PRESIDING OFFICER, DRT AT AURANGABAD)

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ORDER SHEET

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22 Sr	.02.20 . No.1	23 6 SA No.12/2023
Classific ation	No. of Exh.
		SECURITISATION APPLICATION No.12/2023
		Ahmednagar Merchant Co-operative Bank Ltd. ..Applicant Versus Phonix ARC Private Ltd. ..Respondent
		Mr. A. A. Mishra – Advocate for the applicant-bank. Mr. S.V. Natu – Advocate for the respondent-ARC. The matter is taken through Hybrid hearing. 1. The matter is taken up for final hearing and is being disposed off with the consent of both the parties.
		2. The issue was regarding verification of the premises for which the applicant has sought six months’ time till December. The respondent Phonix ARC Private Ltd. as on the last date has agreed but has wanted an affidavit to
		be filed so that if the affidavit is not filed the contempt proceeding can be initiated. 3. The affidavit has been filed. In that affidavit it is stated that they need time upto 31^stJuly, 2023 though opposed by the respondent Phonix ARC Private Ltd. However, with the intervention of the Tribunal they have agreed to grant time upto 31^stJuly, 2023.
		4. The clear vacant possession will have to be handed that

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[SBJ]

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(SA No.12/2023) Page 1 of 2

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IN THE DEBTS RECOVERY TRIBUNAL, AURANGABAD

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(BEFORE HON’BLE PRESIDING OFFICER, DRT AT AURANGABAD)

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ORDER SHEET

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to respondent-Phonix ARC Private Ltd.’s Authorised Officer at 10.00 A.M. on 01^st August, 2023 to which the counsel present agrees.

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1. Further there is an issue regarding payment of the rent of Rs.1.10 Lacs (Rupees One Lac Ten Thousand only) per month and the Applicant bank has agreed to pay to Phonix ARC Private Ltd. from December onwards till 31^st July, 2023.

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1. The respondent Phonix ARC Private Ltd. is permitted to go head with the further proceedings under section 13(4) of the SARFAESI Act for sale of the property however they will have to specifically mention that the physical possession of the property as undertaken in the Court will be given to them on/after 01^st August, 2023.

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1. With these observations, I pass the following order. ORDER

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A. The Securitisation Application No.12/2023 stands disposed off with liberty to the parties to move the Interlocutory application in case of any exigencies or non-compliance.

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B. All pending IAs in the proceeding, if any are disposed of accordingly.

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C. File be consigned to the record room. (Vimal Gupta)

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Presiding Officer

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Debts Recovery Tribunal, Aurangabad

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[SBJ]

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(SA No.12/2023) Page 2 of 2

Ahmednagar Merchant C operative Bank Limited v. Phonix Arc Private Limited

Case brief

What is this about?

What did the court decide?

Ahmednagar Merchant C operative Bank Limited v. Phonix Arc Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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