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NAJMI WAZIRI, NEENA BANSAL KRISHNA
Uba Realtech Private Limited – Appellant
Versus
ICICI Bank Limited – Respondent
JUDGMENT
Najmi Waziri, J. (Oral)
The hearing has been conducted through hybrid mode (physical and virtual hearing).
CM APPL. 10575/2023(Exemption)
1. Allowed, subject to all just exceptions.
2. The application stands disposed off.
W.P.(C) 2743/2023 & CM APPLs. 10574/2023
3. Issue notice.
4. The learned counsel named above accept notice on behalf of their respective respondents.
5. At joint request, the petition is taken up for disposal.
6. The petitioner's SA No. 382/2022 tilted as "Uba Realtech Private Limited vs. ICICI Bank & Ors." seeks interim relief apropos the auction of their property towards recovery of loans given by the respondent/Bank.
7. Auction apropos the said property has already taken place. The auction purchaser has deposited 25% of the bid amount and the time for payment of the balance 75% has been extended to 10.03.2023.
8. Mr. Salman Khurshid, the learned Senior Advocate for the petitioner submits that should the auction sale be confirmed, it will cause an irreparable prejudice to the petitioner therefore, the DRT concerned be directed to hear the petitioner's case before any other rights are sought to be created in the mortgaged property, to the prejudice o
The court prioritized the need for early adjudication to prevent irreparable prejudice to the petitioner in the context of property rights and auction proceedings.
The court prioritized the need for speedy disposal of the case and directed the Debt Recovery Tribunal to hear the petitioner's case before any other rights are sought to be created in the mortgaged ....
The court prioritized the need for early adjudication of the case and directed the Debt Recovery Tribunal to hear the petitioner's case before any other rights are sought to be created in the mortgag....
The court prioritizes the protection of the petitioner's rights in the mortgaged property and emphasizes the need for speedy disposal of the case to prevent irreparable prejudice.
The court has the discretion to maintain status quo regarding physical possession pending an application for interim relief, allowing parties to settle matters amicably.
Urgent hearing and prevention of precipitate action by the DRT.
Mandatory compliance with procedural requirements under the SARFAESI Act is essential; failure to adhere prejudices borrowers' rights and invalidates auction proceedings.
Right of redemption under SARFAESI Act extinguishes on publication of auction notice; DRT cannot thereafter set aside auction and permit effective redemption, rendering such order without jurisdictio....
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