2015 (5) TMI 279 - SCH - Indian Laws

Maintainability of appeal - Debt recovery - Held that - Appellant has already filed an appeal before the Debts Recovery Tribunal at Ahmedabad (DRT), which is pending. Similarly, the Respondent-Bank has also filed an appeal before the Gujarat State Cooperative Tribunal against order, passed by the learned Board of Nominees at Ahmedabad - As both appeals are pending, we would not like to entertain this appeal on merits. We direct the DRT and the Gujarat State Cooperative Tribunal to decide the appeals pending before them within three months from the date of receipt of a copy of this order - During the pendency of afore-stated appeals before the Appellate Authorities, no coercive steps shall be taken for recovery of the amount under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Appeal disposed of.

Summary

The Supreme Court granted leave in a case where both the appellant and respondent had appeals pending before different tribunals. The court directed the tribunals to decide the appeals within three months and ordered that no coercive recovery steps be taken during the pendency of the appeals. The question of law regarding the SARFAESI Act and Multi-State Cooperative Societies Act was left open. The appeal was disposed of with no costs.