Stay on Recovery via SARFAESI Plea Without Jurisdiction When Alternate Appeal Remedy Exists: DRAT

Canara Bank Vs Maruti Nandan Foods Products Pvt. Ltd (DRAT Allahabad) The appeal was filed under Section 18 of the SARFAESI Act, 2002 against an order dated 02.03.2022 passed by the Tribunal, which had allowed an interim application filed by the borrower-respondents and directed the Recovery Officer to keep sale proceedings in abeyance. The appellant bank had extended credit facilities to the borrower company, secured by personal guarantees and collateral immovable properties. Due to failure in maintaining financial discipline, the accounts were classified as non-performing assets. The bank i...