Asteroid Shelter Homes Pvt. Ltd.

…Appellant

…Respondent

Case No: Appeal No. 50/2023

Date of Judgement: 13/09/2023

Judges:

Mr Justice Ashok Menon, Chairperson

For Appellant: Mr Umesh Shetty Senior Counsel, along with Mr Prerak Choudhary, Ms Anisha Balse and Ms Fatima Lakdawala, i/b Mr Prerak Choudhary, Advocate.

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Facts

Asteroid Shelter Homes Pvt. Ltd. (Appellant) is the prospective purchaser of a secured asset in Original Application (O.A.) No. 162 of 2002, the Recovery Certificate of which is being executed in Transferred Recovery Proceeding No. 2 of 2012. The O.A. was initially filed by ICICI Bank Ltd. against Daewoo Motors Ltd. for the recovery of ₹511 crores by enforcing the mortgaged securities consisting of land bearing plot A-1 and measuring 204 acres in the Surajpur Industrial Area, Noida-Dadri Road, Greater Noida, Uttar Pradesh (the subject property). ICICI Bank Ltd. assigned the debt to Assets Reconstruction Company (India) Ltd. (ARCIL) (Respondent 1), which continued with the execution of the Recovery Certificate. ARCIL was appointed as the DRT Receiver and attempted to sell the subject property in public auctions, which failed repeatedly for want of bidders. ARCIL obtained permission to conduct a private sale of the property under court supervision, announcing the sale in two lots.

Arguments by the Appellant

Arguments by ARCIL (Respondent 1)

Arguments by IHDP Global (Intervener)