Shagun Furniture Centre vs Bank of India

R. D. Khare, Chairperson

Heard the learned counsels for the parties.

The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 07.11.2022 passed by the DRT, Allahabad in S.A. No. 157/2020.

The report of the Registrar dated 22.11.2022 shows that the I.A. No. 601/2022 being urgency application and I.A. No. 602/2022 being waiver application are pending consideration.

As the matter has been taken-up today on the urgency application being I.A. No. 601/2022, therefore, the same has become infructuous and is disposed off as such.

On the waiver application, learned counsel for the appellant submits that the secured property has been sold and more than 100% of the amount due has been recovered, therefore, no further amount is required to be deposited towards pre-deposit.

Learned counsel for the respondent-Bank does not have any objection, if waiver application is allowed.

Accordingly, the waiver application is allowed.

Perusal of the impugned order dated 07.11.2022 shows that the prayer of the applicant for restraining the respondent-Bank/DM/ACM-III from taking physical possession of the property on 10.11.2022 was rejected.

Learned counsel for the respondent-Bank contends that as there was no legal impediment in taking possession of the property and handing over of the same to the auction purchaser. He further states that as the contention raised on behalf of the appellant did not find favour of the Tribunal below and therefore prayer for restraining from taking physical possession was not granted to the appellant. Learned counsel also states that the sale is not challenged in the present appeal.

Learned counsel for the appellant contends that in the present appeal, the sale is not under challenge. Learned counsel further states that the application, which was filed before the District Magistrate, was dated 04.03.2020, but the affidavit in support of the said application was dated 29.02.2020, which is not possible.

Be that as it may, if the appellant has any grievance with regard to the factum of antedated or any other grievances, which he may have, as the matter is pending consideration before the Tribunal below, he may move an appropriate application for redressal of the grievances before the Tribunal below and if such application is moved, the same be considered most expeditiously in accordance with law.

In view of the aforesaid, the appeal is disposed off.