Alok Tiwari v. Canara Bank
Case brief
What is this about?
The Presiding Officer of the DRT disposed of a securitization application which became infructuous after the respondent bank withdrew its auction notice, undertaking to conduct a fresh valuation and reissue due process notice.
What the court decided
Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Item No. 5
Case No. SA/105/2024
ALOK TIWARI Vs CANARA BANK
Date: 21.01.2025.
Present:
Shri Atul Saxena, Counsel for the Applicant (through VC)
Shri Yash Sharma, Counsel for the Respondent Bank/FI
In this matter, Ld. counsel for the applicant submits that there is a writ petition before the Hon’ble High Court, filed by the respondent bank. Counsel for the respondent bank submits that there was an auction proceedings stayed on the premises that valuation was not appropriate. He submits that they are withdrawing the auction notice and undertakes to do fresh valuation and thereafter, after issuing appropriate notice as per Rule 8(6), they will go for the auction of the property. The writ petition has already becomes infractuous, even then, they will withdraw the same. Counsel for the applicant challenged the only ground of auction, therefore, this Securitization Application stands infractuous.
In view of the above submissions, this Securitization Application stands disposed off. As and when the bank proceeds, they will be at liberty to challenge such action of the bank. Copy of the order be given Dasti to the concerned parties. File be consigned to record, as per rules.
Parties & counsel
- applicant
Allok Tiwari
- respondent
Canara Bank
Coram
Vimal Gupta
Case details
As recorded by the court registry
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