Allowed

Rajheramb Proprerties v. the Jalgaon Peopels Cooperative Bank Limited

DRT5 Jun 2024SA/7/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Securitisation Application, quashing the sale notice and subsequent auctions conducted on the basis thereof due to alleged fraud and irregularities. Detained amounts were ordered to be returned with interest.

What did the court decide?

Sale notice dated 09.02.2024, sale conducted on 19.03.2024, and related sale certificate are quashed; deposited amount to be returned with 8% interest.

05.06.
Sr. No

2024
.20
SA No. 7/2023

Classifi
cation

No. of
Exh.

SECURITIZATION APPLICATION NO. 7/2023

Rajheramb Properties
..Applicant
Versus
The Jalgaon Peoples Co-Op. Bank Ltd.
..Respondent
Mr. P.S. Gaikwad – Advocate for the applicant bank.
Mr. R.R. Bangar – Advocate for the respondent.
The matter is taken through Hybrid.
1. In this matter this Securitisation Application has been filed. The
amendment application has been filed.
2. The respondent bank has filed the reply on 13^thMay, 2024.
3. In this matter the learned counsel for the applicant has argued and
pointed out that the fraud and the mischief played by the RARC.
He has drawn my attention to the sale certificate annexed to the
reply by the bank. As per the sale certificate at Page No.43 of the
reply, the sale which was scheduled on 19^thMarch, 2024. It has
been pointed out that 10% of the bid amount was already deposited
by the alleged bidder on 25^thJanuary, 2024.
4. The sale notice was issued on 09^thFebruary, 2024. Therefore it is
clear case of connivance of the respondent with the alleged auction
purchaser. A day before when the matter was listed, the counsel for
the respondent has submitted that he has also noticed this
irregularity and for which he seeks instruction.
5. The counsel for the respondent bank submits that appropriate orders

be passed as per the record available.
6. I have heard counsels for both the sides.
7. In view of the above, I pass the following order. ORDER
A. The Securitisation Application No.7/2023 stands allowed. B. The sale notice dated 09^thFebruary, 2024 is hereby quashed and set-aside and consequently the sale conducted on 19^thMarch, 2024 on the basis of the said sale notice and further the sale
certificate issued in respect of property bearing Gat No.600 admeasuring 0 H 27 R situated at Sawada, Taluka Raver, District
Jalgaon are hereby quashed and set-aside. Also the sale conducted in respect of property Plot No.5, 8, 9, 12, 20, 22, 23, 24, bearing Gat No.606 and 609 and 610, situated at Mauje Masaramboli, Taluka Mulsi, District Pune is hereby quashed and set-aside.
C. The amount deposited by the purchaser shall be returned to him by the respondent-company with 8% interest. D. Accordingly, all the pending Interlocutory Applications stand disposed off.
E. File be consigned to the record room.
(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Aurangabad

be passed as per the record available.

6. I have heard counsels for both the sides.

7. In view of the above, I pass the following order.
ORDER

A. The Securitisation Application No.7/2023 stands allowed.
B. The sale notice dated 09^thFebruary, 2024 is hereby quashed and
set-aside and consequently the sale conducted on 19^thMarch,
2024 on the basis of the said sale notice and further the sale

certificate issued in respect of property bearing Gat No.600
admeasuring 0 H 27 R situated at Sawada, Taluka Raver, District

Jalgaon are hereby quashed and set-aside. Also the sale
conducted in respect of property Plot No.5, 8, 9, 12, 20, 22, 23,
24, bearing Gat No.606 and 609 and 610, situated at Mauje
Masaramboli, Taluka Mulsi, District Pune is hereby quashed and
set-aside.

C. The amount deposited by the purchaser shall be returned to him
by the respondent-company with 8% interest.
D. Accordingly, all the pending Interlocutory Applications stand
disposed off.

E. File be consigned to the record room.

(Vimal Gupta)
Presiding Officer
Debts Recovery Tribunal, Aurangabad

Rajheramb Proprerties v. the Jalgaon Peopels Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

Rajheramb Proprerties v. the Jalgaon Peopels Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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