The petitioner filed a writ petition against the steps initiated by IDBI Bank under the SARFAESI Act for loan facilities granted to respondent no.2 (IDBI Dubai) and respondent no.3 (a Dubai-based company). The petitioner had mortgaged property as security. The respondent no.3-company defaulted on the debt, leading IDBI Bank to enforce its security interest. The petitioner sought to quash the possession notices issued by the Court Receiver, arguing that the loan was issued by the Dubai branch of IDBI, and therefore, SARFAESI Act provisions cannot be invoked by IDBI New Delhi. The petitioner also argued that personal insolvency proceedings under Section 95(1) of the IBC have been initiated against him, leading to a moratorium under Section 96(1) of the IBC.
Sanjay Dhingra (the petitioner) mortgaged immovable property as security for loan facilities granted by IDBI Bank Dubai (respondent no.2) to a Dubai-based company (respondent no.3). The loan agreement was governed by UAE law. Respondent no.3 defaulted on the debt, leading IDBI Bank New Delhi (respondent no.1) to initiate proceedings under the SARFAESI Act to enforce its security interest. The Court Receiver issued possession notices, and the bank took physical possession of the property. The petitioner filed a writ petition seeking to quash the possession notices, arguing that IDBI New Delhi could not invoke SARFAESI for a loan disbursed by IDBI Dubai. Personal insolvency proceedings were initiated against the petitioner under Section 95(1) of the IBC by Union Bank of
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A Facility Agreement dated 04th December,…
The terms of the amended Sanction Letter dated…
The petitioner filed a writ petition against the steps initiated by IDBI Bank under the SARFAESI Act for loan facilities granted to respondent no.2 (IDBI Dubai) and respondent no.3 (a Dubai-based company). The petitioner had mortgaged property as security. The respondent no.3-company defaulted on the debt, leading IDBI Bank to enforce its security interest. The petitioner sought to quash the possession notices issued by the Court Receiver, arguing that the loan was issued by the Dubai branch of IDBI, and therefore, SARFAESI Act provisions cannot be invoked by IDBI New Delhi. The petitioner also argued that personal insolvency proceedings under Section 95(1) of the IBC have been initiated against him, leading to a moratorium under Section 96(1) of the IBC.
Sanjay Dhingra (the petitioner) mortgaged immovable property as security for loan facilities granted by IDBI Bank Dubai (respondent no.2) to a Dubai-based company (respondent no.3). The loan agreement was governed by UAE law. Respondent no.3 defaulted on the debt, leading IDBI Bank New Delhi (respondent no.1) to initiate proceedings under the SARFAESI Act to enforce its security interest. The Court Receiver issued possession notices, and the bank took physical possession of the property. The petitioner filed a writ petition seeking to quash the possession notices, arguing that IDBI New Delhi could not invoke SARFAESI for a loan disbursed by IDBI Dubai. Personal insolvency proceedings were initiated against the petitioner under Section 95(1) of the IBC by Union Bank of
…A Facility Agreement dated 04th December,…
The terms of the amended Sanction Letter dated…