Authority: High Court of Judicature at Bombay
Order Date: 28 September 2026
Case Overview
- Parties: Applicant/Intervenor Naresh Jagumal Karda (guarantor of original borrowers) vs. Petitioners Canara Bank and others; Respondents include the Commissioner of Police, Nashik and others.
- Original order dated 9 September 2026 directed the guarantor to pay Rs 2.5 crore to Canara Bank on or before 25 Sep 2026, with interest for delayed installments, failing which physical possession of the secured property would be taken on 28 Sep 2026 at 5:00 p.m.
- The guarantor filed Interim Application No. 7627/2026 seeking a one‑week extension and a stay on the possession order.
- Payments made: Rs 1 crore on 25 Sep 2026 and an additional Rs 1 crore on 27 Sep 2026, leaving a balance of Rs 50 lakhs.
- Interest liability as per email dated 16 Sep 2026: Rs 42,273.
- The petitioner bank opposed the extension, citing repeated last‑minute applications and defaults.
- The Court noted prior indulgences but also repeated defaults by the applicant.
Final Outcome
- Physical possession of the subject property is deferred to 05 Oct 2026 at 5:00 p.m.
- The guarantor must pay a total of Rs 50,42,273 (balance of Rs 50 lakhs plus Rs 42,273 interest) to Canara Bank on or before 03 Oct 2026.
- No further extension of time will be granted.
- The petitioner bank is instructed to inform the Senior Inspector of Police that possession will be taken on 05 Oct 2026 if payment is not made by the stipulated date.
- Future installments of Rs 2.5 crore each are scheduled for 25 Oct 2026, 25 Nov 2026, and 25 Dec 2026; the Court emphasized strict compliance as this is a last‑chance concession.
- Proceedings are listed for further consideration on 06 Oct 2026 as “fresh matters”.
- Interim Application No. 7627/2026 is hereby disposed of.
Topics: Banking, Legal Dispute