CORPORATION BANK Vs. JAYSHREE BEN

JUDGEMENT

(1.) The present petition is directed against the order dated 17.6.2011 passed by the Presiding Officer of the Debts Recovery Tribunal -II, Ahmedabad (hereinafter referred as "the Tribunal") whereby under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred as "the Act")the delay has been condoned by allowing the application being Misc. Application No.8 of 2011.

(2.) The short facts are that as per the petitioner Bank, the loan was advanced to respondent No.2 and security interest was created for the property of flat being Flat No.301, Silver Colin, Bhojeshwar Plot, Porbandar (hereinafter referred as "the flat/property"). As per the petitioner Bank, since the amount was not paid, the Bank undertook the action under the Act for realization of security interest. The possession of the flat was taken and thereafter the same has been sold to respondent Nos.3 to 5. It appears that thereafter respondent No.1 initiated the proceedings under Section 17 of the Act before the Tribunal. As there was delay in preferring the application under Section 17 of the Act, the application for condonation of delay was made being Misc. Application No.8 of 2011. The Tribunal, after hearing both the sides, found that the delay deserves to be condoned since security interest is seriously in dispute. Therefore, condoned the delay by exercising discretion. Under the circumstances, the present petition before this Court.

(3.) We have heard Mr.Percy Kavina, learned senior Counsel appearing with Mr.Jani for the petitioner, Mr.Gaurav Mehta for respondent No.1, Mr.R.P.Raval for respondent No.2, Mr.Utpal Panchal for respondent Nos.3 to 5 and Mr.Devnani for respondent No.6.