Debts Recovery Tribunals and Appellate Tribunals
KOTAK MAHINDRA BANK vs M/S MAHARAJA CARPETS AND TEXTILE INDUSTIRES on 18 August 2025
Court of the Presiding Officer
Debts Recovery Tribunal, Jaipur
Item No. 16
Case No.MA/109/2025
KOTAK MAHINDRA BANK Vs M/S MAHARAJA CARPETS AND TEXTILE
INDUSTIRES
Date: 18.08.2025.
Proceedings through hybrid mode
Present:
Shri Vineet Sharma, Counsel for the Applicant Ms. Srishti Mathur, Counsel for the Respondent along with respondent no. 3.3 & 5 in person Shri Mohit Khandelwal, Cousnel for the IA applicant (Auction purchaser)
Respondent no. 1, 2, 3.1, 3.2 & 4 are ex parte Heard the parties including the auction purchaser. Certain portion of the properties has been sold according to the affidavit filed before this Tribunal and statement of the Authorized Officer of the Kotak Mahindra Bank is that original title documents are not available, but according to the original CD no. 3.3 & 3.5, the original title document will be in the bank record only, but since the original loan was by Vyasa Bank Ltd which got converted into ING Vyasa Bank Ltd but thereafter debt is assigned to present MA applicant.
MA applicant submits that despite their best efforts, they could not trace out the original title deeds of 10 units including 4 units belongs to Deceased Shri Baghwan Devnani (D2, C2, F1, A), 2 units belongs to Shri Mukesh Devnani (D3, C3), 4 units belongs to Shri Ramesh Devnani (F2, B, D1, C1) and these 4 units includes two units (D1, C1) which are remaining and 2 units (F2, B) having certain portion auctioned as detailed in the sale certificate issued by the Recovery Officer.
To safeguard the interest of CDs and also the auction purchaser, the Tribunal directs as under:-
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1. Certified copies of 10 sale deeds will be taken out by the bank at their own cost. The sale deed of the properties purchased by Court of the Presiding Officer auction purchaser shall be handed over and balance sale deeds will be handed over to the concerned persons.
2. Since portion of properties is sold such sale deeds will have endorsement about the demarketed portion sold.
3. The bank will come out with the publication giving details of the sale deeds stating that the same have been lost and are not traceable in the records of the bank and certified copies have been handed over to the respective parties and anybody misusing those documents shall be liable for the criminal prosecution. Then, bank will file an NCR, Non-cognizable report, with police regarding the factum of the lost sale deeds.
4. Bank officer shall also give in two undertaking/indemnity one for CDs, one for auction purchaser to indemnity incase such original documents are used. The certified copies provided by them to be treated as original documents for their respective portion. The complete set of newspaper publication, FIR, identity & certified sale deeds will be treated as original documents. The CDs shall also execute the affidavit that affidavit do not possess the original sale deeds and balance amount lying in the recovery officer shall be released in the name of the firm be given to CD 3.3 who shall deposit the same in Commercial Court where matter of liquidation of firm is pending.
RC proceedings stands closed. File of RC be consigned to record and this MA shall also be consigned to record.
Accordingly, MA stands disposed off, all pending IAs also stands disposed off, if any. File be consigned to record as per rules. Copy of order be uploaded on website.
(Vimal Gupta) Presiding Officer