Rushikesh Paper Mills Pvt Ltd And ANR v. The Cosmos Co-Op Bank Ltd

905. wp 7152-21 Diksha Rane

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 7152 OF 2021 Rushikesh Paper Mills Pvt. Ltd. & anr.

..Petitioners vs.

The Cosmos Co-op. Bank Ltd.

..Respondent ------------ Mr. Harshad A. Sathe a/w. Mr. Saurabh Butala for the petitioners.

Ms. Apoorva Sanglikar i/b. Raval Shah & Co. for the respondent/bank.

------------ C0RAM : DIPANKAR DATTA, CJ & M. S. KARNIK, J.

DATE: OCTOBER 26, 2021 P.C. :

1.

This writ petition is directed against the auction notice dated October 4, 2021 issued by the respondent/bank. 2.

Ms.

Sanglikar, learned advocate for the respondent/bank submits that although the auction was scheduled today at 1.00 p.m., no bids have been received. 3.

Since no bids have been received, the auction notice has become inoperative. In such view of the matter and also having regard to the fact that the petitioners' 1/2

905. wp 7152-21 application under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, is pending before the appropriate Debt Recovery Tribunal, we dispose of this writ petition by granting liberty to the petitioner to approach the Tribunal and pursue the remedy available to it in accordance with law. No costs.

4.

All contentions are left open.

(M.S. KARNIK, J.) (CHIEF JUSTICE) Digitally signed by DIKSHA DINESH RANE Date:

2021.10.28 19:49:06 +0530 DIKSHA DINESH RANE 2/2