Bombay High Court
M/S. Soma Papers And Industries ... vs Bank Of India And Ors on 30 November, 2016
Bench: S.C. Dharmadhikari
wp.9158.2015.dated.22.11.2016.evening .doc
dik
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION
WRIT PETITION NO.9158 OF 2015
IN
APPEAL NO.79 OF 2008
IN
SECURITISATION APPLICATION NO.17 OF 2007
Soma Papers & Industries Ltd. ]
having their Administrative office at ]
Indian Mercantile Chambers, 3rd Floor, 14 ]
R. Kamani Marg, Ballard Estate Mumbai ]
400 038 through their Executive Director
ig ]
Shri. Bapat Somani ] ...Petitioner
vs
1. Bank of India ]
Assets Recovery Management Service ]
Branch, having their address at 1st floor, ]
Bank of India Building 70/80 M.G.Road, ]
Fort, Mumbai 400 023 and having their ]
Head Office at Star House, 05 G-Block, ]
Bandra Kurla Complex Bandra (East) ]
Mumbai 400 051 ]
2 Union Bank of India ]
having their address at ]
Mumbai Samachar Marg, Branch, 56/80 ]
M.S.Marg Mumbai 400 023 ]
3 Corporation Bank ]
having their address at ]
Indian Finance Branch, Bharat House, ]
Shahid Bhagat Singh Road, Fort, Mumbai ]
400 001 ]
4 Dena Bank ]
having their address at ]
Indian Main Branch, Horniman Circle ]
Mumbai 400 023 ]
5 I.B.Enterprises ]
represented by Shri Munnabhai having ]
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their address at Malhotra House, 2nd Floor ]
Opp. General Post Office Mumbai 400 001 ]
6 M/s Eskays Construction Pvt. Ltd. ]
a company incorporated under the ]
the Companies Act,1956, having their ]
Registered Office at Mittal Tower, ]
"B" Wing, 16th Floor, 210, Nariman ]
Point Mumbai 400 021 ]
7 The Debt Recovery Appellate ]
Tribunal, Scindia House, 5th Floor Mumbai ]
400 038 ] ...Respondents.
.....
Ms Jyotsna Vyas i/b Mr O.P.Pandya for the Petitioner
Mr O.A.Das for Respndent No.1.
Ms Tejasvi Dalvi for Respondent No.2.
.....
CORAM : S. C. DHARMADHIKARI &
B.P.COLABAWALLA, JJ.
RESERVED ON : 21st SEPTEMBER, 2016
PRONOUNCED ON : 30th NOVEMBER, 2016.
JUDGMENT (Per B.P.Colabawalla J):
Rule. The Respondents waive service. By consent of
parties, Rule is made returnable forthwith and heard finally.
2 This Writ Petition has been filed by M/s Soma Papers
& Industries Ltd. who is the borrower of Respondent Nos.1 to 4
in this Petition. The challenge in this Petition is to that part of
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the order dated 7 January, 2014, passed by the DRAT directing
resale of the properties and assets belonging to the Petitioner
and which were secured with Respondent Nos.1 to 4 herein. The
main ground on which this challenge is made, is that the OTS
sanctioned by Respondent Nos.1 to 4 is binding on them and
ought to be complied with. The facts clearly reveal that even
though this OTS was sanctioned, the same was not complied
with by the Petitioner herein. This fact is not disputed. In these
circumstances, the OTS sanctioned by Respondent Nos. 1 to 4
was revoked by them. On going through the Petition, we find
absolutely no merit in the contentions raised therein. That
apart, in the companion Writ Petition filed by M/s Eskays
Constructions Pvt. Ltd. (Respondent No.6 herein), we have
already set aside the entire order dated 7 January, 2014, for the
reasons more particularly set out in our order and judgement
dated 30th November, 2016. In this view of the matter, we find
no merit in this Writ Petition and the same is dismissed. There
shall be no order as to costs.
( B.P.COLABAWALLA J. ) ( S.C.DHARMADHIKARI J )
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