CHUNNU FASHIONS Vs. EDELWEISS ASSET RECONSTRUCTION CO. LTD.

JUDGEMENT

(1.) This writ petition is directed against an order dated 27.11.2015, passed by the learned Debt Recovery Appellate Tribunal (DRAT), Delhi in IA No.811/2015 in Appeal No.6015/2015, whereby the learned DRAT dismissed an appeal against an order dated 20.08.2013, of the Debt Recovery Tribunal (DRT) II, Delhi, under Sec. 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the SARFAESI Act, on the ground of non-compliance with an earlier direction issued on 13.10.2015 to the petitioner for deposit of 25% of the amount directed to be paid by the order under appeal.

(2.) The petitioner No.1 is a proprietorship concern of B.M. Sarin (HUF), a Hindu Undivided Family, of which the petitioner No.2 Shri B.M. Sarin is the karta. The petitioner nos. 3 and 4 are co-parceners of BM Sarin (HUF). The petitioner no.1 is duly registered with the Export Promotion Council since 11.11998, its registration number being AEPC/REG/MFG-21406. The petitioner No.1 had for its business purposes, availed credit facilities from Indian Bank, predecessor-in-interest of the respondent Edelweiss Asset Reconstruction Company Ltd.

(3.) The Haryana State Industrial Development Corporation (HSIDC), had allotted the property being Plot No.23, Sector-4, Industrial Estate, IMT Manesar, Gurgaon to BM Sarin (HUF). A Deed of Conveyance was executed by HSIDC through the petitioner no.2, in favour of the petitioner no.1.