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NIKHIL S. KARIEL
Shree Hari Oil Industries Throu Partner Kiritkumar Jivrajbhai Panara – Appellant
Versus
Indian Bank – Respondent
| Table of Content |
|---|
| 1. petition challenging bank actions. (Para 2) |
| 2. background on auction and property. (Para 4) |
| 3. court observations on interim relief misuse. (Para 5) |
| 4. petitioner's arguments regarding drt order. (Para 6) |
| 5. respondent's arguments against the petition. (Para 7) |
| 6. court's analysis of alternative remedies. (Para 9) |
| 7. court's commentary on overreach and status quo. (Para 10) |
| 8. judicial precedents relating to auction properties. (Para 11) |
| 9. directions and conclusion of the court. (Para 15) |
JUDGMENT :
(Nikhil S. Kariel, J.)
1. Heard learned senor advocate Mr. Dhaval Dave appearing with learned advocate Mr. Virendra Gohil on behalf of the petitioner, learned advocate Mr. Vinay Bairagar appearing for learned advocate Ms. Himani Kini for respondent nos. 1, 2 and 3 and learned senior advocate Mr. Asim Pandya appearing with learned advocate Mr. Prerak Oza on behalf of respondent nos. 4 to 9.
2. By way of this petition, the petitioner has prayed for the following reliefs:-
(B) This Hon'ble Court may be pleased to issue Writ of Certiorari or Writ in Nature of Certiorari or any other appropriate Writ, order or directi
Point of Law - Rule 15 of Schedule II Part I of the Income Tax Act, 1961, in the first place it will have to be stated that a reading of the said Rule does not in any way conflict with either Section....
The Tribunal must consider merits and apply due diligence in SARFAESI Act proceedings, treating them like civil suits, to ensure fair adjudication.
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....
The court established that the right of redemption under the SARFAESI Act is extinguished upon the issuance of a sale certificate, and timely challenge to bank actions is essential.
The borrower's right of redemption is extinguished upon the publication of the auction notice, allowing the auction purchaser to claim possession.
While expressing the aforesaid view, we are conscious that the powers conferred upon the High Court under Article 226 of the Constitution to issue to any person or authority, including in appropriate....
Mandatory compliance with procedural requirements under the SARFAESI Act is essential; failure to adhere prejudices borrowers' rights and invalidates auction proceedings.
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