VENUGOPAL P.R. Vs. MANAGER AUTHORISED OFFICER

JUDGEMENT

(1.) The petitioners have filed this writ petition, seeking the following reliefs:-

(2.) On a perusal of the petition, it is seen that initially this Court vide order dated 11.11.2019 had directed the petitioners to deposit some amount with a further direction to pay regular instalments as per the loan agreements. It is not in dispute that the order dated 11.11.2019 passed by this Court regarding the payment of regular instalments under the loan agreement is not complied by the petitioners. Learned Standing Counsel appearing for the respondent secured creditor submitted that even direction to pay amount of Rs.11,00,000/- (Rupees eleven lakhs only) in pursuant to the order dated 11.11.2019 is not followed by the petitioners. It is thus clear that the interim order passed by this Court dated 11.11.2019 is not followed by the petitioners.

(3.) Learned counsel appearing for the petitioner submits that in view of order dated 07.09.2020 passed by the Division Bench of this Court in W.P.(C). No.9400 of 2020, the petitioners are entitled for some time for repayment of loan. As against this, learned Standing Counsel appearing for the respondent Bank submits that more than Rs.3.5 Crores are still outstanding and respondents have already initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (hereinafter referred to as 'the SARFAESI Act ') .