Cjex Biochem Pvt. Ltd. Represented By ... vs Board Of Director Of Pegasus Assets ...
2023 Latest Caselaw 12956 Bom

Bombay High Court

Cjex Biochem Pvt. Ltd. Represented By ... vs Board Of Director Of Pegasus Assets ... on 18 December, 2023

Author: B. P. Colabawalla

Bench: B. P. Colabawalla

     2023:BHC-OS:14971-DB


                                                                                     501.ia(l).34649.2023.doc



                           IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                  ORDINARY ORIGINAL CIVIL JURISDICTION


                                 INTERIM APPLICATION (L) NO.34649 OF 2023
                                                                 IN
                                      WRIT PETITION (L) NO.10862 OF 2023

                      CJEX Biochem Pvt Ltd.                                    .. Applicant
UTKARSH
KAKASAHEB
BHALERAO              IN THE MATTER BETWEEN:
Digitally signed by
UTKARSH KAKASAHEB
BHALERAO              CJEX Biochem Pvt Ltd.                                    .. Petitioner
Date: 2023.12.19
16:47:39 +0530

                                Versus

                      Board of Directors of Pegasus Assets
                      Reconstruction Pvt Ltd. & Ors.                           .. Respondents

                        Mr.Mathew Nedumpara a/w Hemali Kurne, B.S.
                        Munday, Rajesh Adrekar, Amit Kakri & C. Rajamannar
                        i/b Nedumpara & Nedumpara, Advocates for the
                        Petitioner/Applicant.

                        Mr.Mayank Samuel a/w Neelanshu Roy, Advocates for
                        Respondent Nos. 1 & 2.

                        Mr.Arkesh Ayyagari, Advocate for Respondent Nos. 3 and 4.

                        Mr.Siddhesh Pawar, Authorized Officer of Respondent Nos. 1
                        & 2 is present.

                                              CORAM:         B. P. COLABAWALLA &
                                                             SOMASEKHAR SUNDARESAN, JJ.

                                              DATE           : DECEMBER 18, 2023





                                                          DECEMBER 18, 2023
                      Utkarsh





                                                                      501.ia(l).34649.2023.doc



P. C.

1. The above Interim Application is filed seeking urgent relief

prohibiting the 1st Respondent-ARC from proceeding further in taking

possession of the secured asset under Section 14 of the Securitization

and Reconstruction of Financial Assets and Enforcement of Security

Interest Act, 2002 (for short 'the SARFAESI Act, 2002'). The secured

asset is Flat No.9, 2nd Floor, measuring 530 sq. ft. built up area, Seeta

Mahal Co-operative Housing Society, 12A, Bomanji Petiti Marg, Near

Kemps Corner, Peddar Road, Mumbai-400 026.

2. This relief is sought on the basis that the issue raised in the

present Petition is already heard by another Division Bench of this

Court and the judgment is reserved. Until the said decision is

pronounced by this Court, possession ought not to be taken because the

decision in that matter will have a direct bearing on whether a Bank is

capable to take possession under Section 14 of the SARFAESI Act, 2002.

3. The learned counsel appearing on behalf of the

Respondent-ARC, namely, Respondent Nos. 1 and 2, stated on

instructions, that without prejudice to their rights and contentions, until

DECEMBER 18, 2023 Utkarsh

501.ia(l).34649.2023.doc

further orders Respondent-ARC shall not enforce the order passed by

the Chief Metropolitan Magistrate, Mumbai dated 23rd May, 2023 under

Section 14 of the SARFAESI Act, 2002. The said statement is accepted

as an undertaking given to this Court.

4. The above Interim Application is accordingly disposed of.

However, there shall be no order as to costs.

5. This order will be digitally signed by the Private Secretary/

Personal Assistant of this Court. All concerned will act on production by

fax or email of a digitally signed copy of this order.

[SOMASEKHAR SUNDARESAN,J.] [B.P.COLABAWALLA, J.]

DECEMBER 18, 2023 Utkarsh