Fri. Apr 23rd, 2021

Bharat Petroleum Corporation Ltd vs Ifci Ltd on 24 May, 2017

1 min read

2. The caveat stands discharged.
W.P.(C) 4603/2017 and CM APPL. 20104-20105/2017
1. The petitioner/BPCL is aggrieved by the order dated 11.05.2017
passed by the learned DRAT, whereunder it has been directed to deposit in
the Tribunal, the entire money received by it from the sale of an immovable
property, mortgaged with the respondent/IFCI.
2. Mr. J.P. Sengh, learned Senior Advocate appearing for the
petitioner/BPCL submits that vide order dated 24.12.2012 passed by the

WP(C)4603/2017 Page 1 of 3
Recovery Officer, DRT-III, an application filed by the respondent/IFCI for
directions to the petitioner/BPCL to deposit the sale proceeds of
Rs.4,90,01,000/- received from the sale of the mortgaged property situated
in Dadar and Nagar Haveli was allowed, while dismissing the objections
filed by the petitioner/BPCL to the effect that it cannot be called upon to pay
any amount to the respondent/IFCL for the reason that the sale price was
received after a decree was passed in favour of BPCL in a civil suit
instituted by it against the borrower, which decree was duly executed before
the Executing Court at Dadar Haveli.

Source: Indian Kanoon

Leave a Reply