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2023 Supreme(Del) 1247
IN THE HIGH COURT OF DELHI AT NEW DELHI
Najmi Waziri, Neena Bansal Krishna, JJ.
Nuray Realtech Private Limited – Appellant
Versus
ICICI Bank Ltd. & Ors. – Respondents
ICICI BANK LTD. AND ORS.
Decided On : 03-03-2023
Mr. Salman Khurshid, Senior Advocate with Mr. Aproov Agarwal, Ms. Vaishnavi Prakash, Ms. Sommya Chaturvedi, Ms. Sidra Khan and Ms. Lubna Naaz, Advocates, for the Petitioner.
Mr. Sanjiv Kakra, Senior Advocate with Mr. Bhum Sain Jain, Mr. Irfan Ahmed, Mr. Shikher Gupta and Mr. Akash Madan, Advocates, for the Respondents.
Mr. Mukul, CGSC with Ms. Ira Singh and Mr. Aditya, Advocates, for the Respondent-7/UOI.
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 property, to prevent prejudice.
Headnote:
Auction - Property Dispute - The court directed the Debt Recovery Tribunal to hear the petitioner's case before any other rights are sought to be created in the mortgaged property, to the prejudice of the applicant.
Fact of the Case:
The petitioner sought interim relief regarding the auction of their property towards recovery of loans by the respondent/Bank. The auction had already taken place, and the auction purchaser had deposited 25 per cent of the bid amount.
Finding of the Court:
The court directed the Debt Recovery Tribunal to hear the petitioner's case before any other rights are sought to be created in the mortgaged property, to the prejudice of the applicant. Both parties' senior advocates supported an early adjudication of the case.
Issues: Interim relief regarding auction of property, beneficiary of the loan, stay of notification by Bombay High Court.
Ratio Decidendi: The court emphasized the need for speedy disposal of the case and directed the Debt Recovery Tribunal to prioritize the petitioner's case to prevent prejudice.
Final Decision: The petition, along with pending applications, is disposed-off in terms of the court's directions.
JUDGMENT
Najmi Waziri, J. (Oral)
The hearing has been conducted through hybrid mode (physical and virtual hearing).
CM APPL. 10614/2023 (Exemption)
1. Allowed, subject to all just exceptions.
2. The application stands disposed off.
W.P.(C) 2761/2023 & CM APPL. 10613/2023
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. 386 of 2022 tilted as "Nuray Realtech vs. ICICI Bank Limited & Ors." seeks interim relief apropos the auction of their property towards recovery of loans by the respondent/Bank.
7. Auction apropos the said property has already taken place. The auction purchaser has deposited 25 per cent of the bid amount and the time for payment of the balance 75 per cent 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 of the applicant.
9. Mr. Sanjiv Kakra, the learned Senior Advocate for the R-1 submits that he too would support an early adjudication of the case. Indeed, both the learned Senior Advocates for the parties submit that they would assist the Tribunal whenever the matter is next listed for its speedy disposal.
10. The learned Senior Advocate for the petitioner clarifies that the petitioner was not the beneficiary of the loan which, was financed for laying of a ring-road around the city of Hyderabad. The petitioner had only mortgaged its assets for the said loan.
11. Apropos the notification dated 04.10.2022 being stayed by the Bombay High Court of Bombay on 17.11.2022 in "Ishwarlal Shankarlal Lalwani (Jain) vs. The Union of India", this court has already taken note of the same on 06.02.2023 in "Religare Finvest Limited vs ICICI Bank Limited".
12. In view of the above, the court would request DRT-III, Delhi to take up SA No. 386 of 2022 on 07.03.2023, subject to its Roster Board.
13. The petition, along with pending applications is disposed-off in terms of the above.
