For use of Tribunal Office :-

Date of Filing :-

Date of Receipt :-

Registration No. :-

AN APPLICATION UNDER SECTION 17 OF THE

SECURITISATION AND RECONSTRUCTION OF
FINANCIAL ASSETS AND ENFORCEMENT OF
SECURITY
INTEREST ACT 2002.

IN THE DEBTS RECOVERY TRIBUNAL AT

MUMBAI

Securitisation Application No. of 2022.

Mr. Nitin Ambadas Pise,

Prop. of M/s. Ashish Kraft,
Age: Years, Occ. Business,
Resident of: Washi, Mumbai. …Applicant

VERSUS

G. S. Mahanagar Co-operative Bank Ltd.,

Formally known as,
Mahanagar Co-operative Bank Ltd.,
Having its Branch office at Turbhe Branch,
Washi, Navi Mumbai.
Through its authorised Officer. …Respondent.
1. NAME AND ADDRESS OF THE APPLICANT:
Name of the applicant, Mr. Nitin Ambadas Pise, Prop. of
M/s. Ashish Kraft, Address of Registered Office - Washi,
Mumbai. This is registered address for service of all notices.

2. NAME AND ADDRESS OF THE RESPONDENT:

That name of the respondent is G. S. Mahanagar Co-operative
Bank Ltd., Formally known as, Mahanagar Co-operative Bank
Ltd., having its registered Branch office at Turbhe Branch, Washi,
Navi Mumbai, through its authorised Officer. This is registered
address for service of all notices.

3. JURISDICTION OF THE TRIBUNAL:

The respondent bank has initiated the action under the

Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 [herein after referred
to as “the SARFEASI Act” for the sake of Brevity] against the
property i.e ____________________ total construction
admeasuring sq. meters situated at Mumbai [[herein after
referred to as “the said property” for the sake of Brevity] of the
applicant for the recovery of the aforesaid loan outstanding dues.
The respondent in pursuance the order passed by District
Magistrate Mumbai intends to take actual physical possession of
the said property at Mumbai. The alleged secured assets are
situated within jurisdiction of this Honourable Tribunal. The
applicant declares that the subject matter of the recovery of debt
due falls within the jurisdiction of the Debt Recovery Tribunal,
Navi Mumbai. As such this Honourable Tribunal has got every
jurisdiction to try, entertain and decide the present application.
4. LIMITATION:

The respondent bank has obtained an order under section 14 of the

SARFEASI Act from the District Magistrate, Mumbai on
__/__/___. The applicant further declares that the application is
within the limitation prescribed in Section 24 of the Recovery of
Debts Due to Banks and Financial Institution 2[Act], 1993.

5. FACTS OF THE CASE:

5.1] The present applicant is a proprietor of M/s. Ashish Kraft.

5.2] The respondent is a Co-operative bank engaged in providing

financial assistance to the needy persons. The applicant states
that, the respondent bank has advanced Cash Credit facility of Rs.
___Lakh and erm Loan of Rs. _____ Lakh collectively of Rs.
______ Lakh to present applicant. The applicant has obtained
only one loan facility from the respondent bank. Towards the
security of the loan facility the respondent bank has allegedly
obtained security by way of mortgage of the said property. It is
respectfully submitted that, the present applicant in the past years
all the while has expressed absolute faith and confidence in the
working of the respondent. The respondent has also earned sizable
interest from the applicant over the time. The respondent has
earned interest from the applicant than what is entitled for.

5.3] That the applicant is in business of manufacturing of paper

bags at Mumbai and in various cities.
_____________________________________________
_____________________________________________
_____________________________ .
5.4] The present applicant was under the impression that the
respondent Bank shall compensate the loss incurred by the
applicant and his businesses will be streamlined as was assured by
the chairman of the bank Shri. Uday Shirke and manager
personally. However, the respondent bank has played fraud with
applicant and hence due to above-mentioned facts, developments
of the business could not be completed.

5.5] The applicant borrower has thereafter initiated criminal

action against the respondent bank and its officer bearers in the
police station at Sangamner City Nashik a copy of the complaint
FIR bearing No. ____dated _____ is enclosed for the kind
person of this honorable tribunal and mark as Annexure - "__".
The further instigation and the criminal proceedings are pending
before the courts of law at Nashik. Be as it may the respondent
Bank in the backdrop the pendency of the said proceedings and in
the backdrop of such illegal transfer of amount has insisted upon
pursuing its majors under the SARFEASI act by obtaining orders
under section 14 of the SARFEASI from the District Magistrate,
Mumbai in securitisation.

5.6] The applicant has every reason to believe that the respondent
is not acting fairly and that it is misusing the powers given to it by
the said act. It was expected of the respondent to stand by the
applicant to face the odd situations. The applicant has every
reason to believe that the alleged authorised officer and the
concerned officers are acting with mala fides.

5.7] In the backdrop of the above circumstances the respondent

bank has issued a demand notice dated under section 13 (2) of the
SARFEASI Act. A copy of the Demand Notice dated _/_/___ is
enclosed herewith for the kind perusal of this Honourable
Tribunal and marked as Annexure - "__".

5.8] The said notice was duly replied by the applicant through his
advocate Mr. __________ on _/_/___. By the said reply the
applicant has raised various objections for the proposed action of
the respondent Bank. The applicant respectfully submits that the
reasons, objections stated in the said reply may kindly be also
considered as grounds for maintaining the present securitisation
application. Copy of the said reply dated _/_/___ of demand
notice is enclosed herewith for the kind Perusal of this
Honourable tribunal and marked as Annexure - "". The said
objections are replied on _/_/___ by the respondent Bank of the
present applicant. A copy of the said reply dated _/_/___ of the
respondent bank is enclosed herewith for the kind perusal of this
Honourable Tribunal marked as Annexure - "__".

5.9] The respondent bank through its alleged authorised officer

has further commenced its action alleged to be under section 13(4)
of the SARFAESI Act 2002 in furtherance to the alleged demand
notice allegedly dated _//_ under the SARFEASI Act 2002.

5.10] The respondent bank through its alleged authorised officer

has allegedly taken symbolic possession of the said property on
_/_/___. The respondent bank has drawn Panchnama at the
sites and delivered of possession notice to the present applicant. A
copy of the Panchnama dated _/_/__ is enclosed herewith for the
kind perusal of this Honorable Tribunal and marked as Annexure
- "_". The possession notice was duly replied by the applicant
through his advocate Mr. ____________ on _/_/___. By the
said reply the applicant has raised various objections for the
proposed action of the respondent Bank. The applicant
respectfully submits that the reasons, objections stated in the said
reply may kindly be also considered as grounds for maintaining
the present securitisation application. A copy of the said reply
notice dated _/_/___is enclosed herewith for the kind Perusal of
this Honourable Tribunal and mark as Annexure - "__".

5.11] The respondent Bank had a filed an application under

section 14 of the SARFEASI before the District Magistrate,
Mumbai for taking physical possession of the secured assets. The
respondent bank has not complied the statutory requirement
section 14 (1)(b)(i) of the surface act as "the total claim of the bank
as on the date of filing of the application" has not been stated by
the respondent Bank in its application and/or affidavit moved
under section 14 of the SARFEASI Act. A copy of the said
application u/s. 14 of the SARFEASI Act all and also the
supporting affidavit is enclosed herewith for the kind perusal of
this Honourable Tribunal and marked as Annexure - "__"
collectively. It is further submitted by the authorised officer of the
respondent bank in the proceedings u/s. 14 of the SARFEASI does
not comply the statutory requirements as stated under section 14
of the SARFEASI Act. As such the orders obtained by the
respondent bank are without compliance statutory requirements
which are mandatory in nature. The respondent bank seems to
have continued its reckless approach and attitude while taking up
the said proceedings under section 14 of the SARFEASI Act also
the overall approach of the respondent bank and it's office bearers
is as if they are not amenable to the laws of the our country. In
view of the non-compliance of the said order the provision the
applicant says that the order passed by the learned District
Magistrate Mumbai is bad in law and the same deserves to be
quashed and set aside.

5.12] The applicant respectfully submits that the respondent bank

and its concerned officers have made up their minds to proceed
ahead under the SARFEASI Act for the recovery of its alleged
outstanding amount and for the same the respondent bank may
proceed ahead for obtaining actual physical possession of the said
property and may further proceed for putting to sale the said
property. The Circle Officer has issued a notice dated _/_/___to
the present applicant for intimation about taking actual
possession on _/_/___of the secured assets. A copy of the said
notice dated _/_/___ is enclosed for the kind Perusal of this
Honourable Tribunal and marked as Annexure - "_".