CITRON INFRAPROJECTS LIMITED, THROUGH ITS DIRECTOR AND AUTHORISED SIGNATORY GOPAL LOHIYA vs IFCI LIMITED, THROUGH ITS AUTHORISED OFFICER

Judgment text excerpt

bipin prithiani 1 wpl-14684.26.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION (L) NO. 14684 OF 2026 M/s. Citron Infraprojects Limited, through its Director and Authorised Signatory Gopal Lohiya & Anr. … Petitioners Versus IFCI Limited, through its Authorised Officer & Ors. … Respondents ****** Mr. Yohaan Limathwalla a/w Ms. Ravleen Sabharwal (through V.C.), Ms. Aarushi Yadav (through V.C.), Mr. Prakash Tandon (through V.C.) and Ms. Yashi Bhatt i/by R. S. Justicia Law Chambers for the Petitioners. Mr. Charles De Souza a/w Mr. Nikhil Rajani i/by M/s. V. Deshpande and Co. for Respondent No.1. ****** CORAM : MANISH PITALE AND SHREERAM V. SHIRSAT, JJ. DATE : 29th APRIL 2026 Order (Per Justice Manish Pitale) : . The subject matter of challenge in this writ petition is an order passed by the Debts Recovery Tribunal-II, Mumbai (DRT), whereby interlocutory application bearing IA No. 981 of 2026 has been rejected. The said application was filed in pending Securitisation Application No. 487 of 2025. By the said interlocutory application, the petitioner No.1 had prayed for stay of taking over of possession of a property (secured asset) at the instance of respondent No.1 (secured creditor), in pursuance of bipin prithiani 2 wpl-14684.26.doc steps taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Securitisation Act). 2. The petitioners have filed this petition directly, without taking recourse to the alternative remedy of filing an appeal before the Debts Recovery Appellate Tribunal (DRAT) on the ground that respondent No.1 (secured creditor) could not have taken recourse to the provisions of the Securitisation Act, due to Section 31(j) thereof and that the DRT failed