TIMPACK PVT LTD Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The petition, besides impugning the order dated 29th August, 2012 of the Debt Recovery Tribunal (DRT) I, New Delhi in S.A. No.127/2012 preferred by the petitioner, also seeks a declaration that the requirement in the second and third proviso to Section 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) Act, 2002 of deposit, for the appeal to be entertained by the Debt Recovery Appellate Tribunal (DRAT) is ultra vires Article 14 of the Constitution of India.

(2.) The aforesaid S.A No.127/2012 before the DRT-I, New Delhi has been preferred by the petitioner under Section 17 of the SARFAESI Act impugning the measures taken by the respondent Bank/its authorized officers under Section 13(4) of the SARFAESI Act; the petitioner during pendency of the said proceeding before the DRT, also sought interim stay of the measures initiated by the respondent Bank under Section 13(4) of the Act. DRT, vide impugned order dated 29th August, 2012 on the said application of the petitioner for interim relief, has restrained the respondent Bank from proceedings further under the SARFAESI Act subject to the petitioner depositing a sum of Rs.2.5 crores within one month and a sum of Rs.50 lacs per month till further orders with the respondent Bank. The proceedings have been adjourned by the DRT to 1st October, 2012 for completion of pleadings etc.

(3.) The petitioner is aggrieved from the conditions aforesaid imposed by the DRT of deposit of Rs.2.5 crores and further amount of Rs.50 lacs per month with the respondent Bank, for grant of interim relief.