M.N. DEVADAS Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) HEARD the counsel for the petitioners and the Standing Counsel for the second respondent Bank.

(2.) THE Debts Recovery Tribunal, Ernakulam by Ext. P5 order directed the petitioners to deposit a sum of Rs.1,20,00,0000/- (Rupees One crore twenty lakhs only) on or before 30.04.2012 as a condition for stay of dispossession pursuant to Ext.P3 notice. The petitioners however deposited a sum of Rs. 1,45,00,000/- (Rupees One crore forty five lakhs only) belatedly on 30.07.2012 within which time the petition for stay was dismissed by Ext.P6 order by the Debts Recovery Tribunal.

(3.) THE petitioners are willing to make up the deficit of Rs.48,85,866/- (Rupees Forty eight lakhs eighty five thousand eight hundred and sixty six only) to make up the sum of Rs.1,93,85,866/-. I permit the petitioners to deposit a further sum of Rs.48,85,866/- with the second respondent bank on or before 30.06.2013. (The amount if deposited shall be treated to be in compliance of the conditions stipulated in Ext.P9 order).