J M Financial Asset ... vs Smart Timing Steel Limited And Anr
2021 Latest Caselaw 14697 Bom

              IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                   ORDINARY ORIGINAL CIVIL JURISDICTION
                              [ COMMERCIAL DIVISION ]

            COMMERCIAL EXECUTION APPLICATION NO.68 OF 2016
                                                IN
                      ARBITRATION PETITION NO.997 OF 2016
                                     ALONG WITH
                           TRANSFER DECREE NO.14 OF 2020
                                     ALONG WITH
                           SHERIFF'S REPORT NO.62 OF 2021

Smart Timing Steel Ltd.                               .. Applicant-Claimant
            Vs.
National Steel and Agro Industries Ltd.               .. Respondent
                              ALONG WITH
             INTERIM APPLICATION (LODGING) NO.21995 OF 2021
                                    IN
            COMMERCIAL EXECUTION APPLICATION NO.68 OF 2016
                                    IN
                   ARBITRATION PETITION NO.997 OF 2016

J M Financial Asset Reconstruction Co. Ltd.           .. Applicant
In the matter between
Smart Time Steel Ltd.                                 .. Org.Applicant-Claimant
        Vs.
National Steel and Agro Industries Ltd.               .. Org. Respondent


Mr. Ramjay Narayan, with Mr. Rishi Murarka, i/by Mr. Ashwin Shanker, for
the Original Applicant-Claimant.
Mr. Devesh Juvekar, with Mr. Dikshat Mehra, i/by Rajani Associates, for the
Respondent.
Mr. Nitesh Bhutekar for the Applicant-IDBI Bank in IAL/21995/2021.
Mr. D.S. Chaudhari, Dy. Sheriff, is present.


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1-COMEX-68-2016 & IAL-21995-2021 & TD-14-2020.doc
Dixit
                                                     CORAM : A. K. MENON, J.

                                                    DATE    : 7TH OCTOBER, 2021.
P.C. :

1. J.M. Financial Asset Reconstruction Co. Limited has filed Interim

Application (Lodging) No.21995 of 2021 seeking to intervene and claiming a

flat proposed to be auctioned as security.

2. Time to file affidavit-in-reply is extended upto 11 th October 2021.

Affidavit-in-rejoinder, if any, to be filed by 16 th October 2021.

3. List the IA, along with Execution Application, on 21 st October 2021.

4. In the meantime, since there is only one bidder and the applicant in the

IA has objected to the offer made, this issue will have to be considered. Since

the sale was to proceed in accordance with the schedule fixed, only one offer

has been received from India First Logistics Limited. Considering the valuation

and the price offered, I called upon the sole bidder to increase the bid, if so

advised. Even the increased offer falls short. Accordingly, the offer is rejected.

The earnest money deposit shall be returned. Valuation Report to be put back

in a sealed cover.

5. In the meantime, Mr. Bhutekar, on instructions, has confirmed that he

would be able to deposit the costs incurred by the judgment-creditor. In view

of the above, a sum of Rs.65,945/-, being the costs incurred, will be deposited

1-COMEX-68-2016 & IAL-21995-2021 & TD-14-2020.doc Dixit with the Sheriff on or before 12 th October 2021 unconditionally. Subject to

the above, the application of the IDBI Bank can now proceed for hearing.

6. Sheriff's Report No.62 of 2021 is disposed in the above terms.

(A.K. MENON, J.)

Digitally signed

SNEHA by SNEHA

ABHAY ABHAY DIXIT Date: 1-COMEX-68-2016 & IAL-21995-2021 & TD-14-2020.doc 2021.10.08 DIXIT 18:14:38 +0530 Dixit