MAHALAXMI FABRICS AND ORS vs Kotak Mahindra Prime Limited on 19 May 2025

Self - 08

IN THE DEBTS RECOVERY TRIBUNAL-II AT AHMEDABAD (Pankaj Kumar Upadhyay, Presiding Officer)

Item No.60 MA/28/2025

19.05.2025

Mahalaxmi Fabrics & Ors. Vs. Kotak Mahindra Prime Ltd.

Present:

Mr.M.R.Pande, Ld. Counsel for the Applicants.

Mr.L.M.Patel, Ld. Counsel for the Respondent FI.

*Compliance purshis Ex.A/07*, filed by Ld. Counsel for the Applicants. *Memo of appearance Ex.R/06* filed by Ld. Counsel for the Respondent FI.

Today this matter has come up for hearing on application for condonation of delay.

Ld. Counsel for the Applicant submitted that there is delay of 07 days filing SA. He further submitted that the Applicant has not received the notice u/s 13(2) and hence it is not annexed with this SA. However, this SA is filed with notice dated 04.03.2025 u/s 13(4) of SARFAESI Act 2002 and so this SA is required to be filed within 45 days from 04.03.2025 but this SA is filed online on 25.04.2025. Hence there is a delay of 07 days. He further submitted that the SA is notarised on 18^th April 2025 but the documents which are sent through courier to him by his client is received later on. Hence, this SA could not be filed within times and looking to the facts and circumstances and in the interest of justice delay may be condoned.

Ld. Counsel for the Respondent has no objections in condoning the delay by this Tribunal.

Hence, this Tribunal is of the view that reasons assigned by the Applicant in this Miscellaneous Application for condonation of the delay in filing the present S.A. is sufficient. Moreover, no prejudice of any nature will be caused to the Respondent / Financial Institution, as ultimately the matter would be decided on merits after hearing both the parties. Hence, delay, if any, filing the present S.A. is hereby condoned.

Miscellaneous Application for condonation of delay is allowed.

Registry is directed to register and number the present case as SA and place it before the bench on 21.05.2025.

Ld. Counsel for the Respondent/ Financial Institution is directed to file reply to the S.A. before the Registry with an advance copy to the Ld. Counsel for the applicants on or before the next date of hearing.

(PANKAJ KUMAR UPADHYAY) PRESIDING OFFICER DRT-II, AHMEDABAD

19.05.2025