Securitisation Application No. 26 of 2005. Case: Allena (I) Agencies and Ors. Vs North Kanara GSB Co-operative Bank Ltd.. Mumbai Debt Recovery Tribunals
| Case Number | Securitisation Application No. 26 of 2005 |
| Counsel | For Appellant: Manmohan Rao, Adv. and For Respondents: Jay Choksi, Adv., i/b., C.R. Naidu and Co. |
| Judges | K.J. Paratwar, Presiding Officer |
| Issue | Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Sections 13(2) and 17 |
| Citation | II (2006) BC 100 |
| Judgement Date | Tuesday February 21, 2006 |
| Court | Mumbai Debt Recovery Tribunals |
Judgment:
K.J. Paratwar, Presiding Officer
This application/appeal under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SRFAESI Act') pertains to Flat No. 2, 1st Floor, Indrapuri CHS Ltd., Sion, Mumbai owned by applicant No. 3 Mortgagor.
The respondent took possession (symbolic) of the flat on 13.12.2003 on the applicants failure to clear the outstandings of Rs. 15,07,250.71 with interest @16.5% p.a. as demanded by notice dated 12.6.2003 issued under Section 13(2) of SRFAESI Act. The notice declared that the account became Non Performing Asset (NPA) from 1.4.1999 whereupon the applicants filed Writ Petition No. 1234 of 2004 in the Hon'ble High Court of Judicature of Bombay challenging the legality in the notice. The High Court, while directing the applicants to deposit Rs. 1.50 lakh (which amount is admittedly deposited) restrained the Bank from taking coercive steps. By order dated 4.5.2005, the writ petition was...
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