Shree Umiya Cotton Ginning and Pressing Private Limited vs AXIS BANK on 30 January 2025

Exh-9

<table border="1"><tr><td data-bbox="75 71 308 941"><p><b>30.01.2025</b></p><p><u>Present:</u></p></td><td data-bbox="308 71 931 941"><p><b>M.A.No.55/2024</b></p><p>Mr.V.K.Shah Ld. Counsel for the Applicant is present.</p><p>Mr.Keshav Chopra Ld. proxy counsel for Respondent Bank.</p><p>Today this matter taken up for hearing.</p><p>Exh-A/1, Application for condonation of delay. It has been submitted that in this case the Respondent Bank has classified the accounts of Applicant No.1 as NPA on 29.01.2023 and demand notice u/s. 13(2) of the SARFAESI Act was issued on 12.09.2023 to which the Applicant has given their objections on 21.10.2023. The Respondent Bank has withdrawn notice issued dated 12.09.2023 and issued fresh demand notice on 22.10.2023 and again the Applicant has objected it on 13.04.2024 and bank has rejected that objection on 23.04.2024.</p><p>Symbolic possession was taken by Respondent-Bank on the 10.09.2024 and published said symbolic possession notice in newspaper on 13.09.2024, and from that day the delay of 26 days occurs in filing present Securitisation Application.</p><p>As per submission made by applicant after publication of symbolic possession notice dated 13.09.2024 the Applicant unable to approach this Tribunal due to Navratri Festival and there after Diwali festivals, as the Advocates were not available during that time. It has been also submitted that there is strong case in favor of Applicant and if delay is not condoned Applicant will suffer irreversible loss. Hence prayed to condone the delay of 26 days.</p><p>Heard the Ld. Counsel for the applicant and records are perused. It is in interest of justice, dispute between the parties should be disposed after giving parties a fair opportunity to put up their case and rather denying opportunity on technical grounds that will not serve the cause of justice.</p><p>Taking this objective in mind and on basis of reasons by Applicant this Tribunal comes to conclusion that the delay in filing the present SA, just have to condone.</p><p style="text-align: center;"><b><u>ORDER</u></b></p><p>M.A.No.55/2024 is hereby allowed and delay of 26 days in filing the proposed SA is hereby condoned. The Ld.Registrar directed to have the records scrutinize and register the SA on its original number.</p><p>Let the SA to be present as fresh matter for admission before Tribunal on 06.02.2025.</p><p style="text-align: right;"><b>(PANKAJ KUMAR UPADHYAY)</b><br/><b>PRESIDING OFFICER</b><br/><b>DRT-II, AHMEDABAD</b></p></td></tr></table>