Sri Lakshmi Prapanna Ramanujadass Trust v. Religare Finvest Limited
Case brief
What is this about?
The Tribunal disposed of a Securitization Application challenging a sale notice under the SARFAESI Act. It held that since the underlying mortgage is contested in pending civil court proceedings where the sale deeds were declared void, the Tribunal cannot adjudicate the creditor's measures. Additionally, the challenge became infructuous as the auction sale did not materialize.
What did the court decide?
SA stands disposed off giving liberty to 1st respondent to take legal remedy if any in accordance with law. No order as to costs. Interim Order granted, if any stands vacated.