ANAND KOTEX vs AXIS BANK on 20 March 2021

JUDGMENT

1. This M.A. No.01/2021 is filed on 11th March, 2019 by the applicant for condonation of delay of 07 days in challenging the possession notice dated 19th January, 2019 issued by the Respondent bank excluding statutory period of 45 days permitting registration of Securitisation Appeal.

2. The applicant submits that they have filed the Securitisation Application on 11th March, 2019 for safeguarding their interest after initiating the action by respondents without following the due procedure of the law contemplated under the securitization Act 2002.

3. The applicant further submits that the respondent without following the due procedure as contemplated under the Securitisation Act 2002 has directly came to the secured asset and have pasted the notice of possession and has prepared the Panchanama on 19th January, 2019.

4. Aggrieved by the said possession and the Panchanama the applicants have filed a Writ Petition bearing No.3003/2019 before the Hon’ble High Court, Bench at Aurangabad on 27th February, 2019. It is further submitted by the applicants that after hearing the counsel of themselves the Hon’ble High Court Bench at Aurangabad has passed the order dated 4th March, 2019 directing the applicants to approach the DRT within one week and further directed the respondent-bank not to take any coercive action against the applicants for the two weeks.

5. The applicants further submit that they have spent their time before the Hon’ble High Court Bench at Aurangabad for the actions initiated by the respondent-bank and the time during which they have been prosecuting with the due diligence before the another Court and proceeding relates to the same matter in issue and has prosecuted in a good faith in the Court, from defect of the jurisdiction and the non-availability of the DRT at Aurangabad the delay of 07 days caused for filing the application.

6. It is further submitted by the applicants the time spend may be condoned in the interest of justice specifically the Hon’ble Court has directed the applicants to avail the remedy within a period of a week and they approached too the Hon’ble Tribunal as per the directions. The applicants prayed for condonation of the delay in the interest of justice as the delay caused to file the application is not intentional or deliberate.

7. To this Miscellaneous Application No.01/2021 the respondent-bank has filed Caveat Petition bearing No.101/2019 on 16th April, 2019.

8. It is further submitted by the respondent bank that the application filed by the applicant is absolutely false, frivolous and not maintainable in law. The applicant has failed to specify cogent, concise and convincing grounds to file the above application hence it is to be dismissed.

9. Considering the above circumstances, I am of the view that the applicants request may be allowed by condoning the delay giving an opportunity to contest the Securitisation Application as the delay has been explained and the delay is only for 06 days and the one week was granted by Hon’ble High Court. In view of the above, I am of the opinion that the delay of 06 days must be condoned.

10. Considering the pleadings of the parties, documents and the oral submissions, I pass the following order

ORDER

1. Miscellaneous Application No.01/2021 is allowed.

2. The Registry is directed to register the Securitisation Application pending for registration as per rule.

3. No order as to costs.

4. Let the reply to the amendment application i.e. IA No.268/2021 and also to the SA be filed.

List the matter for filing reply to the amendment application i.e. IA No.268/2021 and also to the S.A. on 29th April, 2021 through V.C.

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Aurangabad.