T.JANSIRANI Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) These Revision Petitions have been filed under Article 227 of the Constitution of India, challenging the order passed by the Debt Recovery Tribunal, Madurai (herein after called as 'Tribunal') in I.A.No.10 of 2021 in S.A.No.2 of 2021, dtd. 29/1/2021. By the impugned order, the Tribunal dismissed the stay petition filed by the petitioners in the appeal filed challenging the order passed under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (hereinafter referred to as "the SARFAESI Act").

(2.) We have elaborately heard Mrs.R.Hemalatha, learned counsel appearing for the petitioners, Mr. R.Baskaran, learned Standing counsel for the respondents 3 and 4 and Mr.N.Dilip Kumar, learned Standing Counsel appearing for the respondents 1 and 2/bank.

(3.) The learned counsel for the petitioners would submit that the order passed by the Tribunal is erroneous, as the Tribunal had failed to take into consideration that the order of the District Collector under Sec. 14 of the SARFAESI Act, is a non-speaking order and liable to be interfered with. Therefore, it is submitted that the Tribunal should have taken note of the fact that the petitioners have made out a prima facie case for grant of stay. In support of her contention, the learned counsel appearing for the petitioners placed reliance on the Judgment of the Honourable Division Bench in the case of KKDhanraj vs. The District Magistrate and District Collector and others reported in 2018 SCC On-Line Madras 13527(DB). This decision is relied on to support her contention that the order passed by the District Collector under Sec. 14 of the SARFAESI Act should be a speaking order and should reflect satisfaction of the District Collector for ordering taking over of possession of the secured asset. Further, it is submitted that though repeatedly, the petitioners had submitted applications for One Time Settlement and the latest being on 19/3/2021, the respondent/Bank has not considered the same in accordance with the guidelines issued by the Reserve Bank of India.