Ajay Govind Vaidya v. Union Bank of India & Ors.

Ajay Govind Vaidya

…Appellant

…Respondent

Case No: Misc. Appeal No. 122/2023

Date of Judgement: 09/10/2023

Judges:

Mr. Justice Ashok Menon, Chairperson

For Appellant: Senior Counsel Mr. Umesh Shetty, i/b Mr. V.K. Nair, Advocate.

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Facts:

Arguments by the Appellant:

Based on the overwhelming evidence indicating that the Appellant has a strong prima facie case, it is in the best interest of justice to stall the proposed SARFAESI action against the subject property until a final decision is taken in the S.A. The sale of the property would create further complications by dragging an auction purchaser into the litigation. The impugned order needs to be stayed, and the intended sale of the subject property on 13.10.2023 shall be deferred until further orders.

Sections and Laws Referred:

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)

• • Section 14: Regarding the application for enforcement of security interest by the Secured Creditor.