DHARMANANDAN TEXTILES Vs. PRESIDING OFFICER, DRT

JUDGEMENT

(1.) Heard learned advocate Mr. K.M. Parikh with learned advocate Mr. Kuldeep K. Adesara, on behalf of the petitioners, learned advocate Mr. C.Z. Sankhla on behalf of the respondent - Financial Institution and learned AGP Mr. Jayneel Parikh on behalf of the respondent No.3 - District Magistrate.

(2.) Learned advocate Mr. K.M. Parikh, at the outset would submit that the present petition is restricted only to the aspect of the respondents not taking possession of the property as mentioned in order impugned dated 08.09.2021.

(3.) Learned advocate Mr. K.M. Parikh would submit that the respondent No.2 had issued notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (herein after referred to as "SARFAESI Act") on 20.11.2019 for outstanding amount of Rs.2,53,39,419/-. Learned advocate Mr. K.M. Parikh would submit that the petitioners are ready and willing to deposit the entire amount with the respondent No.2 - Financial Institution within a stipulated period of time and whereas the learned Debts Recovery Tribunal (for short "DRT") may adjudicate on the final rights of the parties in S.A. No. 233 of 2020 and whereas in the interregnum, the respondent No.2 and 3 be restrained from taking possession of the property in question.