Tuffware Industries & Ors. v. Union Bank of India & Anr.

…Appellant

…Respondent

Case No: Appeal on Diary No. 1872/2023

Date of Judgement: 13/11/2023

Judges:

Mr Justice Ashok Menon, Chairperson

For Respondent: Mr Rajesh Nagory along with Mr Ayush Kothari, i/b Mrs. Uma Fadia, Mr Umesh Shetty along with Mr Bhavin Gada, i/b Ms Pratibha Mehta, Advocate.

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Facts:

Arguments by Parties:

The amount due from the Appellants, inclusive of interest, is ₹57.19 crores, and the Appellants are liable to pay 50% of that amount as a pre-deposit.

In the pending Misc. Appeal (Diary) No. 1288/2022, the Appellants have admitted that an amount of ₹24.42 crores is due and payable by them.

(No specific arguments mentioned in the order)

Cases Cited:

Keystone Constructions vs. State Bank of India (Bombay High Court)

NKGSB Co-operative Bank Ltd. vs. Subir Chakravarty (Supreme Court)

Sections and Laws Referred:

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

    • Section 13(2): Demand notice
    • Section 13(3): Requirements for demand notice
    • Section 13(8): Option of redemption
    • Section 14: Taking possession of secured assets
    • Section 17: Interlocutory orders
    • Section 18(1): Appeal to DRAT (second proviso on pre-deposit)

Insolvency and Bankruptcy Code, 2016 (IBC)

    • Section 95: Initiation of insolvency resolution process for individuals
    • Section 96: Interim moratorium

Transfer of Property Act, 1882

    • Section 8: Operation of transfer