VIPIN SANGHI, REKHA PALLI
Udit Aggarwal – Appellant
Versus
Authorised Officer, State Bank of India – Respondent
Vipin Sanghi, J.
The petitioner has preferred the present writ petition to assail the order dated 30.04.2019, passed by the Debts Recovery Appellate Tribunal, Delhi (DRAT) in Appeal No. 109/2019, arising out of SA No. 41/2017 (DRT-III, Delhi). The DRAT while passing the impugned order, has dismissed the petitioners' application to seek interim relief against dispossession of the petitioners from their property.
2. The respondent bank and some other banks constituted a consortium with the respondent bank being the lead bank. They sanctioned financial facilities to the tune of several crores in the year 2007 to M/s Aravali Infra Power Limited. The said company defaulted in repayment of loans and, consequently, its account was declared as NPA on 31.08.2012. The said company requested the bank for re-structuring of the loan. This request was acceded to on 25.09.2011. One of the conditions of the Corporate Debt Restructuring (CDR) was that the lender was obliged to raise guarantees for fulfillment of the terms and conditions of the CDR.
3. The petitioner stepped in to offer guarantee by mortgaging its property bearing Commercial Unit No. 201, Second Floor, Plot No. 6, Community C
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