ASREC (INDIA) LIMITED Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The petitioner is an assignee of the debt payable by respondent No.3 which is under liquidation. It seeks to preserve its right to proceed against the secured asset by taking recourse to SARFAESI 2002.

(2.) It is the case of the Petitioner that Flat No. B-2202, 22 nd floor, ad-measuring 4072 sq.ft., situated at Mahindra Eminente CHS Ltd., S.V.Road, Goregaon (West), Mumbai ­ 400062 ("said property") was mortgaged by respondent Nos. 4 and 5 to secure the dues payable by respondent No.3 to the predecessor in interest of the petitioner who was the assignee of the debt as per Memorandum of Equitable Mortgage created on 11th November 2011.

(3.) Bank of India; the original Lender initiated proceedings under Recovery of Debt and Bankruptcy Act, 1993 which has been registered as O.A. No. 54/2014. The petitioner has been substituted as the applicant on debt being assigned.