SUMITRA GUPTA Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) THE writ petitioner is aggrieved by an order of the Debt Recovery Appellate Tribunal (DRAT) dated 01.01.2015 in Appeal Nos.305/2013 and 317/2014 whereby an appeal against the order of the Debt Recovery Tribunal (DRT) in OA 166/2008 was rejected.

(2.) THE facts relevant so far as the present proceedings are concerned are that one of the guarantors of the principal borrower late Anil Gupta had acquired through testamentary successesion the suit property being No.5/17, Shanti Niketan, New Delhi on 2.10.1990 upon the death of its owner, his brother Mukesh Aggarwal. The latter had bequeathed the property by his Will dated 18.08.1990. Anil Gupta secured probate of the Will on 12.02.1992; and the property was eventually mutated in his favour on 04.06.1999. Apparently, in late 2005, Anil Gupta was diagnosed with cancer. Whilst so, during his lifetime on 11.07.2006, he executed the registered Gift Deed in favour of petitioner, his wife, divesting himself of the right, title and interest to the suit property, in her favour on 03.08.2006. During the lifetime of Anil Gupta, measures under Section 13 (4) of the SARFAESI Act were taken by the respondent bank on 13.02.2007.

(3.) THE proceedings before the DRT would indicate that though served with the notice, the petitioner did not enter defence substantively. However, she resisted the order attaching the suit property contending that it could not be the subject matter of the proceedings since it was not part of the estate of the deceased Anil Gupta who stood as guarantor to the loan transaction of M/s Hotline Teletube Components Ltd. The DRT proceeded to adjudicate the merit of the dispute and decreed the application inter alia directing as follows: -