M Patankar Buildcons Pvt. Ltd. v. Bank of India
Case brief
What is this about?
The Tribunal held that the applicant failed to make out a bonafide case for condoning an 82-day delay in filing a securitisation application. The delay was attributed to administrative lapses, laches, and negligence, particularly given the applicant's prior inquiries and litigation activity.
What did the court decide?
The application for condonation of delay under section 17(1) of the SARFAESI Act was rejected.
What the court decided
IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI
(BEFORE HON’BLE PRESIDING OFFICER)
Sr. No.13
ORDER
In
MISCELLENOUS APPLICATION
NO.8 of 2024
IN SECURITISATION APPLICATION (DIARY) NO.2379 of 2023
Mr Patankar Build Cons Private Limited, Through its Managing Director Manoj Manohar Patankar and another
… Applicant
Versus
Bank of India, Through the Authorised Officer and others
Issues for consideration
3 issues framed by the court
Whether the applicant's application to condone a delay of 82 days in filing a securitisation application under section 17(1) of the SARFAESI Act is maintainable.
Whether the delay in filing the application was justified despite the applicant's prior participation in related litigation and knowledge of the notice.
Whether the applicant's failure to challenge section 13(4) measures promptly disentitles it from seeking condonation of delay.
Parties & counsel
- applicant
Mr Patankar Build Cons Private Limited
- respondent
Bank of India
Coram
Deepak M. Thakkar
Case details
As recorded by the court registry
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