The Authorized Officer of the DRT dismissed the applicant's stay application, holding that the applicant was inducted as a tenant after the mortgage was created in 2010/2013.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/29/2024
PARBHAT KUMAR HANDA Vs JAMMU AND KASHMIR BANK LIMITED
18.03.2024 Item No.74
Present: Sh. Arpit Chawla, Counsel for the Applicant.
Sh. Vivek Verma, Counsel for respondent bank.
Parbhat Kumar Handa, (Applicant) has filed this SA against the Authorized Officer, Jammu and Kashmir Bank Limited and others (Respondents).
Admittedly, Jammu and Kashmir Bank had given some credit facilities to M/s Shri Handa Ornaments House. Surjeet Singh was the guarantor, who had created security interest in respect of his property, in favor of the bank in the year 2010. Applicant claims himself to be a tenant under Surjeet Singh since 2014.
Mr. Chawla, Counsel for the applicant argues that the security interest was registered in the year 2013. However, the fact remains that applicant was inducted after the creation of the mortgage. Accordingly, he cannot claim protection against the SARFAESI action taken by the bank.
There is no merit in the present SA and the same is hereby dismissed . File be consigned to record room after due compliance.
Pronounced in open Court. Pankaj
(A S Narang) Presiding Officer DRT-I, Chandigarh
Parbhat Kumar Handa
Jammu and Kashmir Bank Limited
Pankaj
A S Narang
As recorded by the court registry
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