PRASAD ENGINEERING COMPANY Vs. ICICI BANK LTD.

JUDGEMENT

(1.) Challenge is to the coercive proceedings of loan recovery instituted under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. A co-ordinate Bench of this court vide order dtd. 4/5/2023 has said as under:

(2.) The said order was modified to payment of 30% of the outstanding on 2/6/2023. Since the Petitioners have shown bona fide by making substantial payment in terms of the interim order, this court vide order dtd. 11/7/2023 had said as under:

(3.) Learned counsel appearing for the Petitioners submits that the bona fide having been shown, his client is moving an application for OTS/Regularisation and therefore, the Bank be directed to consider the same and till consideration takes place the coercive proceedings shall be kept in suspended animation. This is just & reasonable.