In this Securitization Application under Section 17 of the SARFAESI Act, the Tribunal dismissed the application because the person who created the security interest, Vishal Saini, was not impleaded as an applicant or respondent.
The Securitization Application under Section 17 of the SARFAESI Act was dismissed.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/162/2022
M/S LOTIA AUTO INDUSTRIES Vs AXIS BANK LTD.
03.02.2025 Item No.38
Present: Sh. Kaveesh, Counsel for the Applicant.
Sh. Rahul Garg, Counsel for respondent bank.
M/s Lotia Auto Industries (also known as Lyto Auto Industries) and another (Applicants) have filed this Securitization Application under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), against the Authorized Officer, Axis Bank Ltd., (Respondent).
A reading of the SA would show that applicant has tried to hoodwink this Tribunal. Be that as it may, the security interest was created by Vishal Saini, who has not been impleaded as an applicant or respondent. In view of this, SA stands dismissed.
File be consigned to record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
PANKAJ
2 issues framed by the court
Whether the Securitization Application should be allowed when the person who created the security interest was not impleaded.
Whether the applicant hoodwinked the Tribunal by filing the application.
M/s Lotia Auto Industries
Axis Bank Ltd.
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
