Authority: High Court of Judicature at Bombay (Civil Appellate Jurisdiction)
Order Date: 14 October 2026
Case Overview
- Petitioners: M/s. Pushkaraj Plastics Industries, M/s. Shine Plastic Industries, M/s. Khatu Chemicals Industries, each represented by Thr. Partner Arvind S. Nikam and counsel.
- Respondents: Union of India through Secretary, Ministry of Cooperation, and the secured creditor bank (respondent Nos.1‑4).
- The petitions sought urgent interim protection concerning securitisation applications filed after an auction sale of the borrowers’ assets.
- Securitisation applications were originally filed in 2024 and dismissed for want of prosecution; new applications were filed on 07 Oct 2026, after the auction sale dated 30 Sep 2026.
- The auction purchaser deposited 50 % of the bid amount on 30 Sep 2026; the Debts Recovery Tribunal – II, Mumbai (DRT) granted circulation of the applications on 22 Oct 2026.
- Respondent bank argued no indulgence is warranted as the auction proceeds are being realised and the DRT will consider the applications.
Final Outcome
- The Court dismissed all three writ petitions, stating no ground for urgent interim relief.
- The dismissal is without prejudice; the Court expressly refrains from commenting on the merits.
- Parties may pursue their statutory remedies before the DRT as per law.
Topics: Securitisation, Auction Sale, Debt Recovery Tribunal