CRYSTAL GEMS Vs. ORIENTAL BANK OF COMMERCE
LAWS(DR)-2005-3-15
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on March 29,2005

Appellant
VERSUS
Respondents

JUDGEMENT

K.J.Paratwar, - (1.) IN these applications under Section 17 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security INterest Act, 2002 (SRFAESI Act), some of the applicants are common and remaining are from, the same family/group.
(2.) The applications involve common question of law and fact and are as such disposed of by this common judgment. The subject matter of the S.A. No. 1 of 2004 is Flat No. 46, 23rd Floor, Usha Kiran Society, Carmichael Road, M.L. Dahanukar Marg, Mumbai, 400 026 while Flat bearing No. 37, 18th Floor, Usha Kiran Society, Carmichael Road, M.L. Dahanukar Marg, Mumbai 400 026 is involved in S.A. No. 2 of 2004. The applicant's case is that applicant No. 4 in S.A. No. 1 of 2004 was co-owner/co-mortgagor to the extent of 10% while applicant Nos. 2 to 5 were co-owners/co-mortgagors in S.A. No. 2 of 2004 but now the applicant No. 6 in both the S.As. is the owner of the respective Flats. I may right away observe that even though notices under Section 13(2) of SRFAESI Act were issued to all the applicants and said notices pertain to several other properties, since these applications have been filed in respect of the two Flats, (rest of the properties being already in possession of the Bank as the receiver) rest of the applicants are unnecessary parties.
(3.) IT is a matter of record that O.A. No. 304 of 2002 for recovery of amount of notice dated 27.2.2003 under Section 13(2) of SRFAESI Act in S.A. No. 1 of 2004 is pending in this Tribunal while the O.A. No. 27 of 2002 for recovery of the amount claimed by notice of even date under Section 13(2) of SRFAESI Act in S.A. No. 2 of 2004 has been disposed of by this Tribunal. By judgment dated 21.2.2005, said O.A. is allowed against all the applicants to the extent of Rs. 4,99,01,500/- with interest @ 18.5% p.a. with quarterly rests from 1.11.2000 till the date of filing of the O.A. and thereafter @ 6% p.a. till full realisation. By the notice under Section 13(2) of SRFAESI Act, the Bank's predecessor in title Global Trust Bank (G.T.B.) called upon the applicants in S.A. No. 1 of 2004 to pay Rs. 1915.72 lacs with interest thereto from 20.11.2002 while a sum of Rs. 752.90 lacs with interest was demanded by the notice in the other matter. Consequent to the failure to pay the amounts, symbolic possession was taken on 18.10.2004.;


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