CHANDRAMOHAN P. S. Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) This Original Petition is filed challenging Ext.P3 order of the Debt Recovery Tribunal on IA No.3178/2024 in SA No.634/2024 filed in terms of Sec. 17 of the SARFAESI Act. A reading of Ext.P3 order will show that the Tribunal has granted a stay of further proceedings subject to payment of Rs.12,13,008.00 on or before 4/10/2024 and a further sum of Rs.12,13,008.00 on or before 4/11/2024. It is not disputed that the petitioner has deposited only 1,00,000/- after the order passed by the Tribunal.

(2.) The learned counsel appearing for the petitioner submits that the secured asset which is proposed to be taken possession of is a running unit and it will be catastrophic if the unit is taken possession of for failure to comply with the conditions imposed in Ext.P3 order. He submits that the petitioner is ready and willing to pay a sum of Rs.10,00,000.00 by 5 pm on 13/1/2025 and a further sum of Rs.15,00,000.00 by 5 pm on 31/1/2025. It is submitted that the same may be treated as sufficient compliance of the condition imposed by the Tribunal by granting stay in Ext.P3 order.

(3.) The learned counsel appearing for the respondent Bank submits that the contention now taken before this Court that the secured asset is a running unit is not correct and the petitioner had undertaken to surrender physical possession of the unit. A copy of the undertaking given by the wife of the petitioner is also placed for my consideration.