SMT. ALLI Vs. THE AUTHORISED OFFICER

JUDGEMENT

(1.) Proceeding impugned in the instant Civil Revision Petition, dated 20/11/2017, is as follows:- chLearned counsel Mr.S.Durairaj is appearing for Applicant. Applicants are appearing in person. Learned counsel Mr.T.R.Jeganathan filed vakalat for R/B.

(2.) With the limitation in exercise of jurisdiction, under Article 227 of the Constitution of India, in the matter of interference with interim orders, Mr.R.Nagasundaram, learned counsel for the petitioners, drew the attention of this Court, to the decision in AIR 1999 SC 1975 (Industrial Credit and Investment Corporation of India Ltd Vs. Grapco Industries Ltd., and Ors), wherein, after considering the provisions of various enactments, enabling grant of interim order, the Hon'ble Apex Court, held as follows:-

(3.) Though the learned counsel for the petitioner drew the attention of this Court to the various loans mentioned in the Notice, dated 27/4/2017, issued under Section 13 (2) of the SARFAESI Act , 2002, and contended that some of them have been sizeably scaled down, perusal of the said notice shows that as on 27/4/2017, a sum of Rs.3,65,80,134/- was due. There are no materials indicating payment, but OTS offered by the writ petitioners, has been rejected, vide letter, dated 4/8/2017, and consequently, auction notice has been issued. When the petitioners sought for an interim injunction against the bank, not to issue the sale certificate, the Debt Recovery Tribunal, Coimbatore, vide proceeding, dated 20/11/2017, in S.A.No.341 of 2017, has granted interim injunction against the Bank not to issue sale certificate till 23/1/2018, subject to the payment of Rs.98 lakhs, directly before the respondent bank, on or before 20/12/2017, as first instalment and another sum of Rs.98 lakhs, on or before 22/1/2018, as second instalment. While doing so, Debt Recovery Tribunal, Coimbatore, has further ordered that in the event of failure to pay even a single instalment, ad interim injunction granted, vide proceeding dated 20/11/2017, would stand vacated automatically and thereafter, bank would be at liberty to proceed against the secured assets, as per law.