Royal Traders vs Asset Reconstruction Company Of India ...
Judges (2)
Case Significance
Royal Traders vs Asset Reconstruction Company Of India ... is a Bombay High Court decision dated December 19, 2024 (citation: ik-197431766). Royal Traders, a borrower, challenged SARFAESI proceedings initiated by ARCIL (Asset Reconstruction Company of India Ltd.) including orders dismissing waiver applications and notices for taking possession of properties. The court found the borrower had no intention of repaying even admitted debt dues and was seeking disproportionate advantage of a typographical error in a loan assignment document. The borrower's writ petition was dismissed while ARCIL's three connected petitions were disposed The bench comprised Justices Jitendra Jain and M.S. Sonak. The judgment was delivered by Justice M.S. Sonak.
Summary
Royal Traders, a borrower, challenged SARFAESI proceedings initiated by ARCIL (Asset Reconstruction Company of India Ltd.) including orders dismissing waiver applications and notices for taking possession of properties. The court found the borrower had no intention of repaying even admitted debt dues and was seeking disproportionate advantage of a typographical error in a loan assignment document. The borrower's writ petition was dismissed while ARCIL's three connected petitions were disposed of, and any interim orders were vacated.
What was the outcome of Royal Traders vs Asset Reconstruction Company Of India ...?
Royal Traders, a borrower, challenged SARFAESI proceedings initiated by ARCIL (Asset Reconstruction Company of India Ltd.) including orders dismissing waiver applications and notices for taking posses...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (ik-197431766)