Era Housing Developers (India) Ltd. & ANR v. Ifci Ltd.

Signed By:RAM DATT Certify that the digital and physical file have been compared and the digital data is as per the physical file and no page is missing.

$-22, 23 & 24 *

IN THE HIGH

COURT OF DELHI AT NEW DELHI + W.P.(C) 7120/2017 HI-POINT INVESTMENT AND FINANCE PVT. LTD. & ORS Petitioners Through: Mr. Nitish K. Sharma, Advocate.

versus IFCI VENTURE CAPITAL FUNDS LTD.

..... Respondent Through: None.

•W.P.(C) 7123/2017 ERA HOUSING DEVELOPERS (INDIA) LTD. & ANR. Petitioners Through: Mr. Nitish K. Sharma, Advocate.

versus IFCI LTD.

Respondent Through:

Mr. Sumit Pargal and Mr. Shivanlcur Shukla, Advocates.

W.P.(C) 7125/2017 HI-POINT INVESTMENT AND FINANCE PVT. LTD. & ANR.

Petitioners Through: Mr. Nitish K. Sharma, Advocate.

versus IFCI LTD.

\ Respondent Through:

Mr. Sumit Pargal and Mr. Shivankur Shukla, Advocates.

CORAM:

HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE CHANDER SHEKHAR

ORDER

% 12.07.2018

M/s High Point Investment and Finance Private Limited and Era Housing Developers (India) Limited have filed the present writ petitions impugning the orders passed by the Recovery Officer, Debt RecoveryTribunal-1,Delhi, dated 6"' April, 2017, 4"^ July, 2017 and 8"^ January, 2017, in Recovery CertificateNos. 238/2015, 368/2016 and 276/2016.

2.

It is an accepted and admitted position that the aforesaid orders can be challenged by way of appeal before the Debt Recovery Appellate Tribunal under Section 20 of the Recoveiy of Debts Due to Banks and Bankruptcy Act, 1993. 3.

Only ground and reason given by the petitioner for not taking re-course to the appellate remedy is that the appellate remedy is improper and also burdensome. The aforesaid explanation has not been further elaborated and explained by the petitioners. 4.

Counsel for the petitioners, in fact, urges that Section 30 read A'i'ith Section 30A of the Recovery of Debts Due to Banks and Banlcruptcy Act, 1993 would not apply to appeals, if preferred, as the provisions are not retrospective. We make no comments on the said submission, but keeping in view the statement made and efficacious-statutory right of appeal, we are not inclined to bypass and ignore the same.

5.

Recording the aforesaid, we dismiss the present writ petitions, but clarify that we have not made any comments on merits. Petitioners may take recourse to right to statutory appeal.

No Costs.

Dasti.

SANJIV KHANNA, J.

CHAN^^^^EKHAR,J.

JULY 12,2018/MR ^ V