M/S. SHREYAS Vs. AUTHORISED OFFICER SBT

JUDGEMENT

(1.) The order impugned in this writ petition, dated 26.08.2016, reads as follows: "Heard the learned counsels for the parties in the waiver application. The appellants have preferred the present appeal under Sec. 18(1) of the SARFAESI Act, 2002, against the order, dated 25.08.2015, passed by the DRT, Ernakulam, wherein the I.A.No.1134/2014, filed by the appellants in S.A.No.450 of 2012, was dismissed. The appellants have been served a demand notice dated 14.11.2011 under section 13(2) of the SARFAESI Act, 2002, wherein the respondent-Bank has demanded a sum of Rs.2,63,30,093.00 along with interest. Learned counsel for the appellants submits that the appellants are ready and willing to deposit 25% of the demand raised by the respondent-Bank amounting to Rs.2,63,30,093.00 within a period of four weeks from today. Learned counsel for the appellants further submits that the appellants shall deposit Rs.25.00 lacs within 10 days from today and the balance of 25% of demand within four weeks from today. In view of the submission of the learned counsel for the appellants and the law laid down by the Honourable Supreme Court of India in Narayan Chandra Ghosh Vs. UCO Bank and others, AIR 2011 SC 1913, it is directed that the appellants shall deposit 25% of the demand amounting to Rs.2,63,30,093.00 within four weeks from today, out of which Rs.25.00 lacs will be deposited by the appellants within 10 days from today and the balance of 25% within four weeks from today. The said amounts shall be deposited by the appellants in the form of demand draft in the name of the Registrar, DRAT, Chennai, who shall keep the same in the shape of FDR in the Nationalized Bank for a period of six months in auto renewal scheme. Heard the learned counsels for the parties in the interim relief. It has been submitted by the learned counsel for the appellants that the final hearing of the Securitization Application is fixed on 6.9.2016 before the DRT, Ernakulam. It was prayed that the hearing of the said S.A. before the Tribunal below be stayed till the final decision of the present appeal. The learned counsel for the respondent-Bank has controverted the submission of the learned counsel for the appellants and has submitted that the appellants are not entitled to any interim relief at this stage. In the facts and circumstances of the present case and in the interest of justice, I deem it just and proper to direct that the further proceedings in the Securitization Application No.450/2012 before the DRT, Ernakulam, be stayed, till the next date. It is made clear that if the appellants fail to deposit the aforesaid amounts as directed above under section 18(1) of the SARFAESI Act, 2002 within the stipulated period as mentioned in the preceeding paragraph, the interim order shall stand automatically vacated. List this case at DRAT, Chennai on 7.11.2016 as jointly prayed."

(2.) Having sought for time to make the deposit and having expressed that the petitioners were ready and willing to deposit 25% of the demand raised by the respondents-Bank, amounting to Rs.2,63,30,093.00, within a period of four weeks from the date of passing of the impugned order, the writ petitioners have raised grounds, against the Chairperson of the Debts Recovery Appellate Tribunal, stating that the Chairperson, without considering their financial hardship and the request of two months' time for compliance of the conditional order of 25% of the demand amount, made by the respondents-Bank, directed the petitioners to pay a sum of Rs.25 Lakhs, within 10 days, from the date of passing of the order and balance 25% within four weeks, from the date of passing of the impugned order, which is onerous.

(3.) The above said contention cannot be countenanced at any stretch of imagination, on the appellant's own pleading before the Tribunal. Auction is stated to be fixed on 05.10.2016. The petitioners plead before this Court that it is the residential property, which is brought for auction and despite their best efforts, funds could not be generated for payment, as agreed before the Tribunal. The petitioners only seek a further period of four weeks, to make the deposit of 25% of the demand, raised by the respondents-Bank, amounting to Rs.2,63,30,093.00.