C.A. SALIM Vs. SYNDICATE BANK

JUDGEMENT

(1.) The petitioner in the O.P(DRT) was the applicant in S.A No.205 of 2008 pending before the 3rd respondent Tribunal. The said S.A was filed challenging the measures taken by the respondent bank under Section 13 (4) of the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act'. The petitioner had impugned the said steps taken by the respondent bank, inter alia, on the ground that, the respondent bank had resorted to the steps under Section 13 (4) without furnishing a reply as envisaged under Section 13 (3A) to the petitioner. The Debt Recovery Tribunal (DRT), which considered the matter proceeded to pass Ext.P5 order dismissing the S.A filed by the petitioner. It is the said order of the Tribunal dismissing the S.A that is impugned in the present O.P(DRT).

(2.) I have heard the learned counsel appearing for the petitioner, the learned Standing counsel appearing for the respondent bank and also the learned counsel for the 2nd respondent.

(3.) The O.P(DRT) was admitted by this Court on 11.04.2017 and by an interim order of the same date this Court granted an interim stay of further proceedings for a period of six weeks subject to the petitioner paying an amount of Rs. 5,00,000/- within one month from the date of the order. It is not in dispute that the petitioner has since effected payment of the said amount of Rs. 5,00,000/- albeit belatedly.