Sun. Jan 24th, 2021

Deepak K. Palta vs Ing Vysys Bank Ltd. on 14 December, 2015

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Through : Mr. Vivek Sibal and Mr. Jitendder Ratta,
Advs.
CORAM:
HON’BLE MR. JUSTICE G.S.SISTANI
HON’BLE MS. JUSTICE SANGITA DHINGRA SEHGAL
G.S.SISTANI, J (ORAL)

1. Present writ petition has been filed by the petitioner under Articles 226 and
227 of the Constitution of India seeking a direction to quash the order dated
21.9.2015 passed by Debts Recovery Appellate Tribunal (hereinafter
referred to as the ‘Tribunal’) in I.A.Nos.544, 545 and 773/2015 in Inward
No.369/2015.
2. Mr.Sethi, learned senior counsel appearing on behalf of the petitioner,
submits that the petitioner has raised various legal issues, which require to
be adjudicated by the Appellate Tribunal, and in case in the absence of a
pre-deposit the appeal is dismissed, valuable rights of the petitioner would
be jeopardised. Mr.Sethi further submits that the respondent has only given
seven days’ notice to the petitioner to repay the amount whereas as per the
requirement of Section 3(2) of SARFAESI Act, sixty-days’ notice is
mandatory. Additionally, Mr.Sethi contends that the vehicles were forcibly
repossessed from the possession of the petitioner on 23.9.2008 and

W.P.(C) No. 9964/2015 Page 1 of 3
18.10.2008 i.e. before the expiry of 60 days period. It is also submitted by
Mr.Sethi that when the vehicles were repossessed neither any Panchnama
was prepared and nor any inventory was prepared and after vehicles were
taken over from the possession of the petitioner, his source of livelihood
came to an end.

Source: Indian Kanoon

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