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CALCUTTA HIGH COURT
Prasenjit Mandal, J
Housing and Urban Development Corporation Ltd. (HUDCO) and Another v. Rochita Towers & Estates Pvt. Ltd.
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| 1. the secured creditor's position must be clear amidst ongoing proceedings. (Para 1 , 3 , 11 , 12) |
| 2. procedural compliance in asset valuation and sale is crucial. (Para 4 , 5 , 6 , 9) |
| 3. fair opportunity for the debtor is essential in recovery process. (Para 10 , 16) |
| 4. compliance with payment conditions is necessary to maintain stay. (Para 15 , 17 , 18 , 19) |
1. This application is at the instance of the appellants and is directed against the order dated July 9, 2013 passed by the Hon'ble Debts Recovery Appellate Tribunal, Kolkata in Appeal No. 134 of 2012 thereby affirming the order dated August 17, 2012 passed by the Hon'ble Debts Recovery Tribunal - 2 in - charge, Kolkata in Misc. (IA) No. 287 of 2012 filed in S.A. No. 266 of 2011. Being aggrieved, this application has been preferred.
2. Now, the question is whether the impugned order should be sustained.
3. Upon hearing the learned Counsel for the parties and on going through the materials on record, I find that the secured creditor has filed this application for recovery of the loan amount against the debtor under the provisions of SARFAESI Act, 2002 . An amount of Rs.12 crores was sanctioned by the secured cred
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