KESRI PRINTERS LIMITED Vs. DISTRICT MAGISTRATE

JUDGEMENT

(1.) Mr Dhruv Toliya, learned advocate appearing for the petitioners submitted that the Debt Recovery Tribunal-1, Ahmedabad (hereinafter referred to as 'the Tribunal') has passed an order dtd. 7/2/2023 whereby, considering the submissions for both the parties, so also the fact that the disputed property being residential, where the applicants - petitioners are residing, the Tribunal, thought it fit to direct the applicants - petitioners to deposit Rs.20.00 lakh within 7 days along with revised One Time Settlement (hereinafter referred to as 'OTS') proposal, if any. The Tribunal, also directed that if the amount is deposited by the applicants - petitioners, the respondent - bank shall defer taking physical possession of disputed property on 10/2/2023.

(2.) It is submitted that the Tribunal, has further directed that if the said direction, is not complied with and any default, if committed, the respondent - bank, shall be at liberty to proceed further in accordance with law to take physical possession of the disputed property.

(3.) It is submitted that the amount, so directed, has been deposited on 13/2/2023 together with OTS proposal of Rs.65.00 lakh. It is submitted that the total OTS amount offered, was Rs.85.00 lakh. It is submitted that though there was a direction, now the respondent - bank, has issued the notice dtd. 14/3/2023, fixing 24/3/2023 as the date for taking the physical possession of the secured assets. It is submitted that on one hand, the Tribunal is not available and on the other hand, the respondent bank, is proceeding to take the possession.