Client: M/s Sand Dune Constructions Pvt. Ltd. and Anr. (Petitioners)
Opposing Party: Mrs. Khushboo Dadhich W/o Mr. Vikas Sharma and Ors. (Respondents)
Court: High Court of Judicature for Rajasthan, Bench at Jaipur
Case Summary:
- The petitioner, M/s Sand Dune Constructions Pvt. Ltd., defaulted on a loan from respondent no. 3 (Bank).
- The Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) to recover the debt.
- The petitioner challenged the Bank’s actions before the Debt Recovery Tribunal (DRT), Jaipur.
- The DRT initially granted a stay on the Bank’s proceedings.
- The Bank appealed the DRT’s order to the Debt Recovery Appellate Tribunal (DRAT).
- DRAT vacated the stay but directed the Bank to give 21 days’ notice before taking possession of the petitioner’s property.
- The petitioner approached the High Court, arguing that the DRAT’s orders were contradictory and that the Bank was intentionally delaying the proceedings.
- The High Court restrained the Bank from taking possession of the property until the next date of hearing.
- The High Court directed both parties to complete the pleadings before the DRT by the next date of hearing.
Key Issues:
- Default on loan and debt recovery under SARFAESI Act.
- Conflicting orders from DRT and DRAT.
- Delay in proceedings and lack of opportunity for hearing.
- Bank’s alleged intention to dispossess the petitioner without due process.
Next Steps:
- The petitioner and the Bank need to complete the pleadings before the DRT.
- The DRT will hear the case and issue a final order.
- The High Court will consider the DRT’s order and may pass further directions if necessary.
Potential Outcomes:
- The DRT may uphold the Bank’s right to take possession of the property.
- The DRT may grant the petitioner further relief and delay the possession.
- The case may eventually be settled through negotiation or mediation.
Akarsh Mathur & Associates’ Role:
- To represent the petitioner before the DRT and the High Court.
- To argue the petitioner’s case and seek favourable orders.
- To protect the petitioner’s interests and ensure they have a fair opportunity to be heard.
Additional Notes:
- This case study is based on the available information and may not reflect all the details of the case.
- Legal advice should be sought from Akarsh Mathur & Associates or other qualified legal professionals for specific legal issues.
