M/S. Shripad Batteries Pvt. Ltd. And ORS. v. Union Of India And ORS.
Dixit
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION WRIT PETITION NO.6648 OF 2016 Shripad Batteries Pvt. Ltd., Alibaug, Dist. Raigad & Ors.
.... Petitioners V/s.
Union of India, Through the Secretary, Ministry of Law, New Delhi & Ors.
.... Respondents Mr. Uzair Kazi, i/by Mr. Yogendra M.
Kanchan, for the Petitioners.
Mr. G.R. Dwivedi, a/w. Mr. Parag Vyas, for Respondent No.1-UOI.
Ms. Sapna Ghaswala for Respondent No.2.
CORAM : S.C. DHARMADHIKARI & DR. SHALINI PHANSALKAR-JOSHI, J.J.
DATE : 16 TH JUNE, 2016.
P.C. :
1.
Mentioned. Not on Board.
2.
The Petitioners are stating before us that the order passed by the Presiding Officer of the Debt Recovery Tribunal-III, Mumbai, dated 15th June 2016, is an interim order.
3.
Though an Appeal can be preferred against the same before the Chairperson of the Debts Recovery Appellate Tribunal, presently that post 1/3
is vacant. Secondly, it is submitted that the main Securitization Application, under Section 17 of SARFAESI Act, being S.A. No.178 of 2016, is pending before the Debts Recovery Tribunal-III, Mumbai. 4.
It is in these circumstances that the counsel submits that the Petitioners are apprehending dispossession from the immovable property, which is more particularly described in the notice for sale dated 18th May 2016. Therefore, it is submitted that the protection be granted, else, the Securitization Application itself will become infructuous. 5.
The learned counsel for Respondent No.2-Bank states that she was served with the papers only today afternoon. She has no instructions. However, she states that this is a second application for interim relief and which has been rejected by the DRT. Once, the property was put up for sale, but no bids were received. Thereafter an order under Section 14 of the SARFAESI Act has been passed by the District Magistrate, Alibaug. A notice to take physical possession has been issued on 8th June 2016 and the date for taking possession is 17th June 2016. 6.
She submits that the dues of Respondent No.2-Bank is to the tune of Rs.4 Crores and no interim order, therefore, be passed. 7.
We have allowed mentioning of this Petition only because the post of the Chairperson of the Debt Recovery Appellate Tribunal is vacant and the in-charge Chairperson will hold a sitting in Mumbai only on 23rd June 2016. During this period, unless the Petitioners are protected, the proceedings, which are pending before the DRAT, would be rendered infructuous.
2/3
8.
Therefore, on the Petitioners depositing with Respondent No.2Bank a sum of Rs.1.25 Crores within eight weeks from today, we direct that physical possession of the property shall not be taken from the Petitioners, pending the hearing and final disposal of the Securitization Application No.178 of 2016. In default of this direction, all consequences in law shall follow, including immediate enforcement of the order under Section 14 of the SARFAESI Act.
9.
This order is passed because it is stated that the Petitioners are in physical possession of the immovable property and they will not alienate, encumber, part with possession or transfer the same in any manner till the Securitization Application No.178 of 2016 is heard or the contingency contemplated above occurs.
10.
For a period of eight weeks from today and to enable the Petitioners to comply with our directions, they should not be physically dispossessed, but they are directed not to transfer or part with possession of the immovable property.
11.
Writ Petition is disposed of in the above terms. [DR. SHALINI PHANSALKAR-JOSHI, J.] [S.C. DHARMADHIKARI, J.] 3/3