KARNATAKA VENEERING INDUSTRIES, REP. BY ITS MANAGING DIRECTOR, SRI. C.N. REDDY Vs. STATE BANK OF INDIA, REP. BY ITS AUTHORIZED OFFICER

JUDGEMENT

(1.) IN this writ petition the Petitioner is seeking a direction to the Respondent - Bank to re -deliver possession of the schedule property.

(2.) IT is not in dispute that the Petitioner has approached the Debt Recovery Tribunal at Chennai in MA(SA)685/2010. In fact the Debt Recovery Tribunal has passed an interim order on 6th January, 2.011 directing the Petitioner herein to pay a sum of Rs. 18,00,000/ - into the loan account on or before 27.01.2011 and the Authorized Officer is restrained from proceeding further under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, hereinafter referred to as 'the Act') if the said amount is deposited within the time stipulated.

(3.) LEARNED Counsel for the Respondents has resisted the prayer made and has placed reliance on the judgment of this Court in the case of Syndicate Bank, A bank constituted under The Central Act 5 of 1970 reptd. by Sri P.V. Mallya, Chief Manager, Syndicate Bank, Asset Recovery Management Branch Vs. Sri Basalingappa S/o Sri Sharanappa Hosamani, AIR 2007 Kant 125 to contend that redelivery of possession of the property will arise only if the Tribunal after examining the facts and circumstances of the case comes to the conclusion that measures initiated under Section 13(4) of the Act by the secured creditors were not in accordance with the provisions of the Act and the rules made there under