TETRAHEDRON LIMITED Vs. AUTHORISED OFFICER, INDIAN BANK

JUDGEMENT

(1.) This civil revision petition is directed against the order, dated 1.10.2013, passed by the Chairperson, Debts Recovery Appellate Tribunal, Chennai, in AIR (SA) No. 542 of 2013 in S.A. No. 73 of 2011. The petitioner had availed loan from the first respondent bank and subsequently, the petitioner along with three others, filed S.A. No. 73 of 2011, before the Debts Recovery Tribunal-III, Chennai, challenging the notice, dated 18.2.2011, issued by the first respondent bank, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (hereinafter referred to as the 'SARFAESI Act' in short), for sale of the secured asset. The Debts Recovery Tribunal, Chennai, by order dated 21.6.2013, allowed the said SA, holding that the first respondent bank/creditor had not produced any material to prove that 30 days notice was given to the borrower, as provided under Sub Rule (6) of Rule 8 of the Security Interest (Enforcement) Rules, 2002, before bringing the property for sale.

(2.) Admittedly, the first respondent bank did not file any appeal against the said order. On the other hand, the petitioner/borrower, who succeeded before the Debts Recovery Tribunal-III, Chennai, had filed an appeal before the Debts Recovery Appellate Tribunal, Chennai, contending that while allowing the SA, the Debts Recovery Tribunal, ought to have passed orders for handing over possession of the scheduled property to them and return of Rs. 15 lakhs, deposited by them, as per the order of the Debts Recovery Tribunal, Chennai, dated 23.2.2011, granting stay of the sale and also the cost of the appeal proceedings and counsel's fee.

(3.) The Debts Recovery Appellate Tribunal, had passed the impugned order, dated 1.10.2013, directing the petitioner to pay the deficit Court fee of Rs. 75,300/- and also file an application for waiver of the pre-deposit, under Section 18 of the SARFAESI Act. Challenging the said order, the present civil revision petition is filed.