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Showing contexts for: drt mumbai in Union Bank Of India vs Rajat Infrastructure Pvt. Ltd. on 4 October, 2023Matching Fragments
(iii) After certain proceedings before the Debt Recovery Tribunal (DRT) and Bombay High Court having taken place between the parties, the Appellant on 13.06.2019 had issued a notice for e-auction sale of the said property under the SARFAESI Act, scheduling the auction sale on 04.07.2019.
(iv) The Respondent no.1-Rajat Infrastructure preferred a Securitization Application No. 115 of 2019 on 30.06.2019, before the DRT for restraining the Appellant Bank from taking any further steps including the sale and confirmation of sale in respect of the Subject Property, on the ground that the Bank-the secured creditor had failed to make proper valuation of the Subject Property before proceeding with the auction sale as contemplated under sub Rule (5) of Rule 8 of the Security Interest (Enforcement) Rules, 2002 (for short,‘the said Rules’).
(v) In the said Securitization Application No. 115 of 2019, the Respondent no.1 Rajat Infrastructure had also filed an Interlocutory Application No. 822 of 2019 seeking interim relief restraining the Appellant Bank from proceeding further with the proposed auction sale, pending the main application. The DRT Mumbai vide the order dated 11.11.2019 refused to grant the ad of 2019.