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“Writ Petition By Borrowers Challenging SARFAESI Proceedings Initiated By Private Banks/ARCs Not Maintainable”: Supreme Court

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Bhuvana Iyer, Mumbai Uncensored, 13th January 2022 :

The Supreme Court Wednesday said borrowers, aggrieved by proceedings initiated under the SARFAESI ACT by the bank or the assets reconstruction company (ARC), have to avail the remedy under this law and no writ petition would be maintainable. 

The apex court held this while vacating the order passed by the Karnataka High Court which had directed maintenance of status quo with regard to possession of mortgaged properties subject to the borrowers making a payment of Rs 1 crore with the ARC concerned. 

The High Court of Karnataka entertained writ petitions under Article 226 of the Constitution of India filed by borrowers against an Assets Reconstructing Company and passed an interim order directing for maintaining status quo with regard to SARFAESI action (possession of the secured assets). Challenging this, the Assets Reconstructing Company (ARC) preferred appeals before the Apex Court.

A bench of Justices M R Shah and B V Nagarathna, while referring to an earlier judgement delivered by the top court, opined that filing of writ petitions by the borrowers before the high court under Article 226 of the Constitution in the case was an “abuse of process” of the court. 

The apex court delivered its judgement on the pleas filed by the ARC challenging the order passed by the high court, which had entertained the writ petition and passed interim order directing for maintaining status quo with regard to the proposed action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI) 2002.

The bench said the high court orders directing to maintain status quo with respect to possession of secured properties on payment of Rs three crore in all is “absolutely unjustifiable” as the dues are to the extent of approximately Rs 117 crores.

“Filing of the writ petition by the borrowers before the high court is nothing but an abuse of process of court. It appears that the high court has initially granted an ex-parte ad-interim order mechanically and without assigning any reasons”, it said. 

“Even otherwise, it is required to be noted that a writ petition against the private financial institution – ARC – appellant herein under Article 226 of the Constitution of India against the proposed action/actions under section 13(4) of the SARFAESI Act can be said to be not maintainable”, the apex court noted.

It said the secured creditor or its assignor have a right to recover the amount due and payable to it from borrowers.

“The stay granted by the high court would have a serious adverse impact on the financial health of the secured creditor/assignor. Therefore, the high court should have been extremely careful and circumspect in exercising its discretion while granting stay in such matters”, the bench said, adding, “In these circumstances, the proceedings before the high court deserve to be dismissed.”

The bench said an ARC cannot be said to be performing public functions which are normally expected to be performed by the state authorities.

“During the course of a commercial transaction and under the contract, the bank/ARC lent the money to the borrowers herein and therefore the said activity of the bank/ARC cannot be said to be as performing a public function which is normally expected to be performed by the state authorities”, it noted.

The apex court, while allowing the appeals, vacated the interim order of August 2015, which was further extended by the orders passed in February 2017 and March 2018.

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Zigly brings-in wholesome experiences for furry friends at Pet Fed Delhi

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Zigly, a leading omnichannel pet care brand, celebrated the bond between pets and their parents at Pet Fed Delhi 2024. This much-anticipated event marked 10 years of successfully conducting Pet Fed in the National Capital. Taking place at NSIC Ground, Okhla, Delhi, the event witnessed one of the largest turnouts ever, with pet parents and their furry friends braving the cold winter weather to attend.

Zigly brings in wholesome experiences for furry friends at Pet Fed Delhi

Zigly, as the power sponsor, showcased its premium brands at one of the event’s largest stalls, featuring Zigly Lifestyle, FurPro grooming range, and the Applod treats and biscuits range, along with stylish accessories from the latest winter collection. A significant portion of the stall was dedicated as a play area for furry friends. The brand advocated the promotion of pet health and hygiene while creating memorable experiences through veterinary and grooming services offered at their stall.

Enhancing the experience for pets and their parents, Zigly provided free health check-ups and opportunities to participate in lucky draws. The brand delighted pet parents with event-exclusive discounts and promotions on its range of products and grooming services, offering an excellent opportunity to stock up on high-quality products at unbeatable prices.

Celebrating Zigly’s participation in Pet Fed, Mr. Pankaj Poddar, Group CEO of Cosmo First, stated, “We are delighted to be part of Pet Fed Delhi as it allows us to come closer to the Zigly community, helping us learn and adapt to the needs of both pets and pet parents. Delhi experiences the harshest winters in the country, which is why we are proud to showcase our winter collection 2024 at this event. Just like previous iteration of Pet Fed at Bengaluru, we are happy to witness such a great turnout of our furry friends at the event in Delhi as well. It keeps us motivated to continue to strive towards our goal of a better pet care ecosystem.”

This year’s event was bigger and better than ever before, featuring a plethora of activities and attractions. Attendees enjoyed fancy dress competitions, lucky draws, and adoption zones, catering to both cats and dogs. The festival also featured numerous pet care brands, offering a wide range of products and services for pets.

The event was a true celebration of the pet community, bringing together pet parents, industry experts, and animal lovers for non-stop fun and learning. As Pet Fed Delhi 2024 wraps up, the excitement and joy shared by all attendees promises to linger, setting the stage for even more spectacular events in the future.

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Celebrating 25 Years of Innovation and Success: Priyank Sukhija’s Journey in the Food and Beverage Industry

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Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.

Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.

Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.

One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.

“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.

With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.

In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.

Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.

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Gold and Silver Rates Today: Latest Prices on July 24, 2024

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Gold and Silver Rates Update: On July 24, 2024, gold and silver prices have seen significant changes across major Indian cities, reflecting the latest trends in the global and domestic markets.

Gold Prices in Major Cities

  • Delhi: The price of 10 grams of 24-carat gold stands at Rs.70,716, a decrease from Rs.75,217 on July 23, 2024. The 22-carat gold rate is Rs.64,775 per 10 grams, down from Rs.68,745.
  • Chennai: 24-carat gold is priced at Rs.70,716 per 10 grams, a drop from Rs.75,657 the previous day. Last week, the rate was Rs.74,659.
  • Mumbai: Gold rates in Mumbai are at Rs.71,412 per 10 grams, down from Rs.74,925 on July 23, 2024. A week ago, the price was Rs.75,026.
  • Kolkata: The gold rate is Rs.70,716 per 10 grams, a decrease from Rs.75,144 the day before and Rs.75,539 a week ago.

Silver Prices in Major Cities

  • Delhi: Silver is trading at Rs.85,170 per kg, down from Rs.89,160 on July 23, 2024. Last week, the price was Rs.92,110.
  • Chennai: Silver rates are Rs.85,000 per kg, compared to Rs.89,070 the previous day and Rs.92,290 a week earlier.
  • Mumbai: The silver rate today is Rs.85,170 per kg, a decrease from Rs.89,160 on July 23, 2024. The rate was Rs.92,110 a week ago.
  • Kolkata: Silver is priced at Rs.85,170 per kg, down from Rs.89,160 yesterday and Rs.92,110 last week.

MCX Futures

  • Gold August 2024 Futures: Trading at Rs.73,121 per 10 grams, a slight increase by ₹Rs..179.
  • Silver December 2024 Futures: Trading at Rs.92,020 per kg, down by Rs.0.154.

Factors Influencing Prices

Gold and silver prices are affected by several factors, including demand from major jewelers, global market trends, currency fluctuations, interest rates, and government policies. The international economic situation and the strength of the US dollar against other currencies also play a crucial role in determining gold and silver rates in India.

Stay updated with Mumbai Uncensored News for the latest on gold and silver prices and market trends.

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