Disposed

Ms Index Suppliers Private Limited Through One Of Its Directors Devendra Kumar Singhania v. The Authorised Officer State Bank Of India And Anr.

Jharkhand HC8 Aug 2016WPC/4229/2016

Case brief

AI extract

What is this about?

The petitioner, facing an impending auction of mortgaged properties under the SARFAESI Act, approached this Court seeking a direction to the Debt Recovery Tribunal (DRT) to expedite the hearing of a restoration petition scheduled for the next day. The Court directed the DRT to consider the application on the fixed date given the exigency, without deciding on the merits.

What did the court decide?

Directed the Debt Recovery Tribunal, Ranchi, to take up the restoration petition on 10.08.2016 and consider the prayer for stay of the e-auction notice.

Ms Index Suppliers Private Limited… — Contract and Commercial Disputes | Jharkhand HC (2016)

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IN THE HIGH COURT OF JHARKHAND AT RANCHI W.P. (C) No. 4229 of 2016

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M/s Index Suppliers Private Limited -------Petitioner

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Versus

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The Authorized Officer, State Bank of India --2. State Bank of India, Burrabazar Branch, Kolkata --- Respondents

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CORAM: The Hon’ble Mr. Justice Aparesh Kumar Singh

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For the Petitioner: Mr. Ayush Aditya, Advocate

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For the Resp - SBI: M/s Rajesh Kumar, Manindra Kr. Sinha, Advocates

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02/ 08.08.2016 Heard counsel for the parties.

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Petitioner on being faced with the steps taken under Section 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'SARFAESI Act') by the Respondent Bank, had approached the Debt Recovery Tribunal in SARFAESI Appeal No. 93/2014, which stood dismissed for default by order dated 24.06.2016 (Annexure-2). Restoration petition being Miscellaneous Application No. 74/2016 is said to be posted on 10.08.2016 before the Learned Presiding Officer, Debt Recovery Tribunal, Ranchi. In the meantime, through e-auction sale notice dated 08.07.2016, the Respondent Bank has invited offer from interested bidders to participate in the auction of the described properties including that of the petitioner at serial no. 5. The auction is scheduled on 09.08.2016 i.e. tomorrow.

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Counsel for the petitioner in the aforesaid background, submits that the only relief that may be granted at this stage, is to direct the Learned Debt Recovery Tribunal to take up the Restoration petition on 10.08.2016 itself along with the prayer for stay of the e-auction notice.

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Learned counsel for the Respondent Bank is present and submits that pursuit of legal remedy by way of restoration of SARFAESI appeal, is dealt with in the normal course of business by the Learned Debt Recovery Tribunal and if the date fixed is 10.08.2016 also, there is no reason why the petitioner should have approached this Court for a simple direction to that effect.

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Be that as it may, without getting into the merits of the claim of the parties at this stage, restoration petition of the petitioner bearing Miscellaneous Application

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No. 74/2016 pending before the Learned Debt Recovery Tribunal, Ranchi and posted on 10.08.2016, Learned Tribunal would consider and take up such application on the said date, in accordance with law, keeping into account the exigency shown by the petitioner relating to the steps taken for auction of the mortgaged properties in question vide Annexure-4 e-auction sale notice dated 08.07.2016. On such consideration, if the SARFAESI appeal is restored, Learned Debt Recovery Tribunal would also consider the prayer for early hearing of the SARFAESI appeal and for any interim protection therein, in accordance with law, as expeditiously as possible.

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Writ petition stands disposed of. Accordingly.

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( Aparesh Kumar Singh, J )

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Ranjeet/

Ms Index Suppliers Private Limited Through One Of Its Directors Devendra Kumar Singhania v. The Authorised Officer State Bank Of India And Anr.

Case brief

What is this about?

What did the court decide?

Ms Index Suppliers Private Limited Through One Of Its Directors Devendra Kumar Singhania v. The Authorised Officer State Bank Of India And Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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