NASEEM BANO Vs. KOTAK MAHINDRA BANK LTD

JUDGEMENT

(1.) Present writ petition has been filed inter alia seeking expeditious disposal of Securitization Application bearing no. TSA/872/2022, pending adjudication before Debts Recovery Tribunal ' II, Delhi and restraining the Court Receiver from taking physical possession of the property i.e., first floor of the property bearing plot no. 17 admeasuring 200 sq. yds. in Block No. B-4, in the layout plan of Safdarjung Development Residential Scheme ('subject property') until the disposal of TSA/872/2022. The Petitioner also seeks a direction to the Respondent bank from initiating any coercive action against the subject property until the disposal of TSA/872/2022.

(2.) The TSA/872/2022 is an application filed under Sec. 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act'), by the Petitioner seeking a prayer to set aside orders dtd. 5/3/2021, 20/3/2022 and 23/5/2022 passed by the Chief Metropolitan Magistrate ('CMM') appointing a Receiver for taking over possession of the subject property.

(3.) The said application was listed before the Tribunal for adjudicating interim relief as prayed by the Petitioner to restrain the Respondent Bank/Court Receiver from taking physical possession of the subject property. The Tribunal vide order dtd. 8/7/2022 rejected the prayer of petitioner for interim relief as the Petitioner was unable to satisfy the Tribunal that there exists any illegality or irregularity in the measures taken by the Respondent Bank and the Court Receiver. Feeling aggrieved by the order of the Tribunal, Petitioner filed an appeal bearing no. Misc. Appeal No. 161/2022 before Debt Recovery Appellate Tribunal ('DRAT'), however, the Petitioner couldn"t satisfy the statutory condition of pre-deposit as per Sec. 18 of SARFAESI Act and therefore, DRAT disposed of the appeal on 30/8/2022 with a direction to the Respondent Bank to give a fifteen days advance notice before taking the physical possession of the subject property.