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DEBT RECOVERY APPELLATE TRIBUNAL
Anil Kumar Srivastava, Chairperson
Cygnus Investments & Finance Private Limited – Appellant
Versus
State Bank of India – Respondent
| Table of Content |
|---|
| 1. dispute arises from mortgage claims by appellant and bank. (Para 1 , 2) |
| 2. discussion on limitation and proper timing of application submission. (Para 10 , 11) |
| 3. final ruling confirms dismissal based on priority and limitation issues. (Para 18 , 35) |
| 4. first charge holder's rights established over second charge holder. (Para 21) |
JUDGMENT : 24th February, 2026
THE APPELLATE TRIBUNAL :
Instant Appeal has arisen against a judgment and order dated 19.08.2019 passed by Learned DRT- 3 Kolkata in S.A. No. 113 of 2013 whereby Learned DRT dismissed the S.A. filed by the Appellants.
2. As per pleadings of the parties, Appellant herein is the financial institution who was earlier working under the name of M/s Navalco Commodities Pvt. Ltd. which subsequently was renamed as M/s Cygnus Investment & Finance Pvt. Ltd. An Application under Section 17 of the SARFAESI Act, 2002 (hereinafter referred to as the ‘Act’) was filed by the Appellant against State Bank of India and one Lipi Sirkar who died pending Appeal and her legal representatives were impleaded as opposite parties/ Respondents before the DRT. As per Appellants, they lent certain financial assistance to Soumyarup Sirkar, Re
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