Bombay Mercantile Cooperative Bank Ltd ... vs M/S U.P Gun House
Judges (2)
Counsel (3)
Case Significance
Bombay Mercantile Cooperative Bank Ltd ... vs M/S U.P Gun House is a Supreme Court of India decision dated January 22, 2024 (citation: insc-2024-62). A cooperative bank sought recovery of Rs. 6.23 lakhs from a firearms business proprietor who had defaulted on a Rs. 2 lakh loan secured by mortgaged property. The bank had taken possession under SARFAESI Act and sold the property for Rs. 9.10 lakhs. The Supreme Court allowed the appeal, directing settlement where the bank retains the auction sale proceeds and the borrower's outstanding dues are treated as cleared. The bench comprised Justices Dipankar Datta and Sanjiv Khanna. The judgment was delivered by Justice Dipankar Datta. Counsel appearing: M. Shaz Khan (counsel for appellant), Shubhranshu Padhi (amicus curiae), Talha Abdul Rahman (counsel for appellant).
Summary
A cooperative bank sought recovery of Rs. 6.23 lakhs from a firearms business proprietor who had defaulted on a Rs. 2 lakh loan secured by mortgaged property. The bank had taken possession under SARFAESI Act and sold the property for Rs. 9.10 lakhs. The Supreme Court allowed the appeal, directing settlement where the bank retains the auction sale proceeds and the borrower's outstanding dues are treated as cleared.
What was the outcome of Bombay Mercantile Cooperative Bank Ltd ... vs M/S U.P Gun House?
A cooperative bank sought recovery of Rs. 6.23 lakhs from a firearms business proprietor who had defaulted on a Rs. 2 lakh loan secured by mortgaged property. The bank had taken possession under SARFA...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (insc-2024-62)