Court sets aside debt recovery tribunal order, allows auction of Usha Kiran flat

Expressing its displeasure at the manner in which Debt Recovery Tribunal (DRT) Mumbai discharged its duties in a matter, Bombay high court has allowed a petition by Phoenix ARC, an asset reconstruction company, for public auction of a flat in Usha Kiran building at Carmichael Road in south Mumbai.

- Swati Deshpande

Mumbai: The HC on Friday set aside orders passed in December by the DRT and its appellate body—Debt Recovery Appellate Tribunal (DRAT)—staying the auction. “We are not happy and satisfied with the way the recovery officer, DRT-I, discharged his duties. This being so, the petitioners also cannot draw any comfort from the illegal orders passed by the registrar, DRAT, and recovery officer, DRT...,” said the bench of Chief Justice Dipankar Datta and V G Bisht.