Item No. 48 Case No.MA/176/2025 IN SA/672/2023 MS GAWACHI PRODUCTS DISTRIBUTORS Vs BANK OF BARODA Date: 29.10.2025.
Proceedings through hybrid mode
Present:
Shri K S Gautam, Applicant in person Shri Harjeet Sharma, Counsel for the Respondent Bank/FI This Misc. Application has been filed by Sh. K S Gautam and he argued the matter. He submits that during the pendency of the SA no. 672/2023, the bank has withdrawn the proceedings and accordingly, the Securitization Application was disposed of with a direction that the expenses of the said action will not be debited in the account of the borrower. They were also directed to refund the court fees in the matter so, court fees be refunded that within two days from today and credited into the account of the borrower. The applicant submits that while the first round of securitization action, the bank has taken physical possession which is denied by the counsel for the bank and submitted that they had only taken symbolic possession. The applicant further argued that there is no concept of symbolic possession and physical possession, the only word "possession" has been used in the Act.
The Law is very clear the judgment of Hon'ble Supreme Court has categorically stated that symbolic possession is also a possession in terms of securitization action. The physical possession of the assets has been taken on 26.06.2025 pursuant to the notice under Section 13(2) dated 19.09.2024. Such proceedings have to be challenged by way of further Securitization Application being filed. The applicant submits that he has written letters to the bank to provide documents so that they can move a Securitization Application, that is between him and bank, the Tribunal will only look into the matter and substantial proceedings pending before the Tribunal.
In view of the above, this Misc. Application has no relevance for the subsequent action of the bank though the applicant submits that the Tribunal has all the powers to pass appropriate orders subsequent to SA. According to the bank counsel all the actions have been taken in pursuant to notice dated 19.09.2024.
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The applicant will be at liberty to file the Securitization Application within the limitation as per law.
Accordingly, this Misc. Application stands dismissed. File be consigned to record, as per rules. Copy of order be uploaded on website.
(Vimal Gupta)
Presiding Officer
Debts Recovery Tribunal, Jaipur
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