Remanded

M S Venkateswara Food Products v. Karur Vysya Bank

DRT14 May 2024SA/30/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal-I, Hyderabad granted an interim stay on further proceedings and a scheduled auction of Securitization Asset Schedule properties by Kaarur Vysya Bank against M/s. Venkateswara Food products, subject to deposit of Rs. 50 lakhs in two installments.

What did the court decide?

Interim stay on all further proceedings and E-Auction scheduled for 15.05.2024 subject to deposit of Rs. 50.00 lakhs in two installments.

M S Venkateswara Food Products versus Karur Vysya Bank — Company and Corporate | DRT (2024)

¶1

THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 14th DAY OF, MAY ,2024 PRESENT: SRI. GUMMADI GoPIcHAND HON'BLE PRESIDING OFFICER

¶2

IA. NO. LL74 0F 2024 IN sA. NO. 30 0F 2023

¶3

Between

¶4

M/s. Venkateswara Food products, Plot No.20, Road No.4, IDA, Mallapur, Hyderabad-500076.

¶5

....Applicant/s

¶6

And

¶7

Kaarur Vysya Bank, H.No.5-8-363 to 365/4 & B, Chirag Ali Lane, Abids, Hyderabad -500001. And a nother.

¶8

... Respondent/s

¶9

rA'No'1774/2024 has been fired by the petitioner/Appricant seeking stay of all further proceedings of the respondent bank incruding proposed E-Auction to be held on 15.05.2024 of application schedule properties pursuant to E_ Auction Notice dated 22.O4.2024 under SARFAESI Act, 2002.

¶10

The petitioner fired the apprication under section 17 of the Act chailenging the sale notice dated 22.04.2024 issued by the responde.i o.ru ".0 i,, "g ::::i:,::: ll-::11,1:^{properties on 15.05.2024. rt is submirted by the} counser for appricant that no notice under section 13(2) and 13(4) were issued nor serffi-tha rn th.r 5r-^ r-ir^.J Ri::d^{also faitedRute B(1) and (2) of Secu} r^ity rLy : ;ri:r i rrl n# : r ffiillTffiffiil^ji f r.T::" in] i i '-.'i^14ilNW + t\ !,r'- .. ffi,n,o Q-,t-W

¶11

Heard the Ld counsel for applicant. This application is resisted by respondent bank by filing detailed counter.

¶12

it is submitted by the counsel for petitioner that the petitioner obtained Demand draft for a sum of Rs,25.OO lakhs and he is willing to pay the said amount before the auction.

¶13

Having regard to the facts and circumstances of the case, the various issues raised in the petition can be decided in the course of proceedings of SA and in the interest of justice, interim relief can be granted on certain conditions. Accordingly, there shalr be an interim stay of ail further proceedings of sA schedule properties pursuant to sare notice dated 22.04,2c.24 fixing the date of auction on 15.os,2o24 subject to the petitioner depositing Rs.So.oo lakhs in two installments. out of which a sum of Rs.25.oo lakhs shall be deposited before commencement of auction i.e., 15.05.2o24 and barance of Rs.25.oo lakhs shail be deposited on or before 07.06,2024 to the credit of loan account with the Respondent Bank directly. In the event of failure of compliance of the aforesaid conditions by the^petitioner, the interim stay shall stand vacated and the Respondent bank shall be at liberty to proceed further.

¶14

For compliance posted to 10.06.2024 before Registrar.

¶15

sd/_

¶16

Presiding Officer

¶17

TBUE coPY /l U'..- --f".') ,ll:;';i;Z: ;::t'}r 2 u, I *l );-/-t

M S Venkateswara Food Products v. Karur Vysya Bank

Case brief

What is this about?

What did the court decide?

M S Venkateswara Food Products v. Karur Vysya Bank

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

Similar cases

Punjab National Bank versus Ghanshyamdas Gems Jewels

State Bank of India versus M/S. D. Crafts Dental Lab

State Bank of India versus Mrs. Shyma Khan

Union Bank of India versus Sandeep Kumar Reddy

State Bank of India versus Sri. Silamulla Chandrakanth

Smt. Nirupama versus Asset Reconstruction Company (India) Limited