ICICI BANK Vs. JAIN LOGISTICS & ORS.

JUDGEMENT

(1.) This hearing has been done by video conferencing.

(2.) These are six petitions filed by ICICI Bank, challenging orders dated 24th December, 2020 passed by the DRAT by which the Petitioner's applications for early hearing of their applications seeking permission to auction the commercial vehicles was rejected by the DRAT and the Petitioner- Bank (hereinafter, "Bank") was asked to approach the DRT once again.

(3.) The background is that the Bank had sanctioned various loan facilities to the Respondents - Jain Logistics Ltd., which is a partnership firm, and the said borrower had defaulted from time to time. The Bank had, thereafter, approached the DRT seeking recovery of the amounts due to it. Except in W.P.(C) 11240/2020 and W.P.(C) 11242/2020, in the other cases, the DRT had appointed a receiver to take possession of the hypothecated commercial vehicles against which the loans were sanctioned. It is the submission of Mr. Punit K. Bhalla, ld. counsel that in all the petitions, the borrower has voluntarily surrendered the vehicles as it did not have the capacity to clear the loan amounts. The surrender letters have been placed on record. One sample surrender letter reads as under: