SHANA AUTO LASER PVT LTD REP BY ITS MANAGING DIRECTOR A NAMBHI Vs. PRESIDING OFFICER DEBTS RECOVERY TRIBUNAL-III; AUTHORISED OFFICER INDIAN OVERSEAS BANK LTD

JUDGEMENT

(1.) Challenge in this writ petition is to an order made in M.A.No.22 of 2016 in S.A.No.297 of 2015. Demand notice dated 28.2.2015 demanding a sum of Rs.2,40,65,758/- issued under Section 13(2) of the SARFAESI Act, 2002 and possession notice dated 25.6.2015 issued under Section 13(4) of the SARFAESI Act, 2002 have been challenged in S.A.No.297 of 2015, by the petitioner.

(2.) On 24.7.2015, the DRT-III, Chennai, was pleased to grant interim stay of all further proceedings pursuant to the possession notice dated 25.6.2015, subject to the condition that the petitioner remitting a sum of Rs.50,00,000/- to the credit of the loan account on or before 12.9.2015. The Tribunal further contended that in the event of the petitioner failing to comply with the above condition, interim stay granted, shall stand automatically vacated and the bank would be at liberty to proceed further, in accordance with law. Notice to the bank through Registry of the Tribunal and private notice has been ordered. S.A.No.297/2015 has been directed to be posted on 15.9.2015 for reporting compliance, by filing an affidavit by the writ petitioner, and for filing counter and typed set of papers by the bank.

(3.) Pursuant to the said order, the petitioner has remitted a sum of Rs.5,00,000/- on 31.8.2015, another sum of Rs.4,00,000/- on 4.9.2015, and a further sum of Rs.1,00,000/- on 14.9.2015. As the entire amount has not been paid, the petitioner has filed I.A.No.1194/2015 seeking for extension of time for remitting the balance amount.