The case involves a writ petition filed against an order of the Debts Recovery Tribunal-I, Mumbai (DRT). The petitioners, auction purchasers of a secured asset, are seeking relief against the DRT's order that effectively stalled further proceedings due to a moratorium claimed under Section 96 of the IBC.
Respondent No.2-Union Bank of India extended credit facilities to Respondent No.3-borrower, secured by mortgaging an immovable property in Mumbai.
Respondent-borrowers defaulted on repayments, leading to the bank issuing a notice under Section 13(2) of the Securitisation Act in March 2017.
Respondent No.3-borrower proposed multiple OTS (One Time Settlement) proposals, but failed to fulfill the offers.
The bank took symbolic possession of the secured asset in November 2022 after multiple failed auction attempts.
The petitioners were declared successful bidders in the 10th auction in December 2024, and a sale certificate was issued.
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Respondent No.2-bank issued notice under…
Respondent No.2-bank filed an application…
The case involves a writ petition filed against an order of the Debts Recovery Tribunal-I, Mumbai (DRT). The petitioners, auction purchasers of a secured asset, are seeking relief against the DRT's order that effectively stalled further proceedings due to a moratorium claimed under Section 96 of the IBC.
Respondent No.2-Union Bank of India extended credit facilities to Respondent No.3-borrower, secured by mortgaging an immovable property in Mumbai.
Respondent-borrowers defaulted on repayments, leading to the bank issuing a notice under Section 13(2) of the Securitisation Act in March 2017.
Respondent No.3-borrower proposed multiple OTS (One Time Settlement) proposals, but failed to fulfill the offers.
The bank took symbolic possession of the secured asset in November 2022 after multiple failed auction attempts.
The petitioners were declared successful bidders in the 10th auction in December 2024, and a sale certificate was issued.
…Respondent No.2-bank issued notice under…
Respondent No.2-bank filed an application…