Partly allowed

M/s Jay Ess Associate v. State Bank of India

DRT5 Dec 2024SA/465/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal granted an interim stay on further proceedings, including dispossession of schedule property, subject to the applicant depositing Rs. 20 lakhs in two installments into the respondent bank's loan account.

What did the court decide?

Interim stay granted on all further proceedings including dispossession subject to deposit of Rs. 20 lakhs in two installments.

M/s Jay Ess Associate versus State Bank of India — Banking and Recovery | DRT (2024)

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THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE Osth DAY OF, DECEMBER,20.24 PRESENT: SRI. GUMMADI GOPICHAND HON'BLE PRESIDING OFFICER

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rA. NO. 3001 0F 2024 IN SA No. 465 OF 2024

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Between

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M/s. Jay Ess Associate, R/o. H.No.5-4-t3O4/3, Sharada Nagar, Vanasthlipuram Hydera bad- 500070.

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....Applica nt/s

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And

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State Bank of India, SARB Chikkadpaily, Situated At. H.No.1-B-563/, First Floor, Opp: Sandhya Theatre, RTC X Roads, Chikkadapally, Hydera bad - 500020.

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.... Respondent/s

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DOCKET ORDER DT. 05.12.2024.

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IA'No'300u2024:This is an apprication fired by the petitioners/ appricants
seeking stay of ail further proceedings incruding taking physicar possession
pursuant to Advocate commissioner notice dated_ lg.7l.ZO24 in
2ll^;!r:2ul/r?21 :n :1" -r'ite of Hon-!!1ir[[3enior civil Judse cum r Addt
S]Y:"lit: ."^11r^ district unuiffiINschedute property under
SARFAESI Act,2OO2.
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¶11

The petitioner filed the present application under Section 17 of SARFAESI Act and submitted that the petitioner availed cash credit of Rs.95 lakhs against mortgage of schedule property. while things stood thus, the Advocate commissioner was trying to take physical possession of the schedule property. With these submissions, Ld. Counsel for the Applicant sought For grant of stay.

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Heard the Ld counsel for applicant. sri s. Ramesh filed vakalath for respondent bank and opposed for grant of stay.

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Having regard to the facts and circumstances of the case and in the interest of^justice, interim relief can be granted on certain conditions. Accordingly, there shall be an interim stay of all further proceedings including dispossession in respect of schedule property pursuant to Advocate commissioner notice dated 19.11.2024 subject to the petitioner depositing RS.2O.OO lakhs in two instalments. Out of which a sum of Rs.1O.OO lakh shall be paid on or before 2O.L2,2O24 and balance of Rs.1o.oo !akh shall be paid on or before 03.01.2025 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 fu rth e r.

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For compliance call on 06.01.2025 before Registrar.

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sd/Presiding Officer

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'g''r''d

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oqt-!. t:Yt)tiRAF.

M/s Jay Ess Associate v. State Bank of India

Case brief

What is this about?

What did the court decide?

M/s Jay Ess Associate v. State Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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