The Debts Recovery Tribunal refused to condone the delay in filing a Securitization Application regarding a sale completed in 2023. The court dismissed the application under Section 5 for limitation and disposed of all pending intros.
Section 5 Application for limitation dismissed. Securitization Application disposed of as dismissed.
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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Item No. 50
Case No.SA/467/2024
MS AZHAR ENTERPRISES Vs CANARA BANK
Date: 28.10.2025.
Proceedings through hybrid mode Present:
Shri Annirudha Sharma, Counsel for the Applicant Shri Mohit Khandelwal, Counsel for the Respondent Bank/FI
In this matter, heard the arguments.
According to the applicant, the delay for filing this SA is on account of the fact that the applicant has approached Civil Court and was pursuing the matter before Civil Court.
Filing of the Civil Suit before District Courts will not grant them time/limitation to challenge the Securitization Application.
According to the Counsel for the Respondent bank all notices were diligently served including the notice for auction. The sale has already taken place prior to filing of the SA, i.e. in the year 2023.
So there is no ground to condone the delay in filing of this SA. Accordingly Section 5 Application for limitation stands dismissed and SA stands disposed of as dismissed. All pending IAs also stands disposed off, if any.
File be consigned to record as per rules. Copy of order be uploaded on website.
(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur
2 issues framed by the court
Whether the delay in filing the Securitization Application should be condoned.
Whether a prior civil suit filing grants time/limitation to challenge the Securitization Application.
MS AZHAR ENTERPRISES
CANARA BANK
Vimal Gupta
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
