M/s. Sukhdham Residency & Ors. v. Asset Care and Reconstruction Enterprise Ltd

…Appellant

Asset Care and Reconstruction Enterprise Ltd

…Respondent

Case No: Appeal on Diary No. 957/2023

Date of Judgement: 08/08/2023

Judges:

Mr. Justice Ashok Menon, Chairperson

For Appellant: Mr Puneet Gogad, Advocate.

For Respondent: An Advocate for the Respondent is present.

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Facts:

Arguments by the Appellants:

Arguments by the Respondent (Asset Care and Reconstruction Enterprise Ltd.):

Cases Cited:

Punjab National Bank v. M/s. Mithilanchal Industries Pvt. Ltd. (MANU/GJ/1069/2020)

M/s. Shree Rajmoti Industries v. The Authorized Officer, Union Bank of India (Special Civil Application No. 9564/2023)

Sections and Laws Referred:

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

    • Section 13(2) (Demand notice)
    • Section 13(3) (Requirement for providing a breakup of the amount demanded)
    • Section 13(4) (Measures for recovery of secured debt)
    • Section 17(1) (Right to appeal)
    • Section 18(1) (Deposit of amount of debt due for entertaining appeal)