INTERNATIONAL Vs. AUTHORIZED OFFICER CENTRAL BANK OF INDIA

JUDGEMENT

(1.) By consent, the Civil Revision Petition is taken up for final disposal and is disposed of by this order.

(2.) Mr.M.L.Ganesh, learned Standing counsel accepts notice on behalf of respondent.

(3.) The 1st petitioner is a Partnership Firm and the other petitioners are partners and the Firm was doing various type of hosiery knitted business and also exporting the same to foreign countries. The 1st petitioner had availed PC&CC Loan facility from the respondent-Bank in the year 2017 and they were prompt in repaying the dues and due to vagaries of business, they were unable to service the debts. The accounts of the 1st petitioner-Firm were declared as ''Non Performing Assets'' and the respondents-Bank had issued a Notice dated 10.02.2020 under Section 13 [2] of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [in short ''SARFAESI Act''], demanding a sum of Rs.3,89,31,614/- as on 10.02.2020. The 1st petitioner also made an attempt by making an offer of One Time Settlement and it was not considered and thereafter, Possession Notice came to be issued on 31.07.2020. The petitioners made a challenge by filing SA.No.263 of 2020 and pending disposal of the same, took out IA.No.1026 of 2020 praying for stay of further proceedings. The Debts Recovery Tribunal at Coimbatore, had entertained the said Appeal and while passing the interim order dated 07.09.2020, has taken note of the order passed by this Court, not to confirm the sale till 08.09.2020 and further taking note of the submission made by their counsel that the applicants are also willing to deposit a substantiate amount payable towards loan, directed them to deposit a sum of Rs.2 Crores in favour of the respondent-Bank within a period of four weeks from the date of the order dated 07.09.2020 and till the receipt of the same, directed the respondent-Bank, not to confirm the sale of the property and further directed impleadment of the auction purchaser.