PRIYA TEA INDUSTRIES Vs. INDIAN BANK

JUDGEMENT

(1.) THE revision petitioner/applicant/appellant has filed the present civil revision petition under Article 227 of Constitution of India, praying this Court to direct the fourth respondent/debt Recovery Tribunal, Coimbatore to dispose of I. A. No. 2156 of 2008 in S. A. No. 121 of 2008 pending on its file within the time framed to be fixed by this Court.

(2.) THE revision petitioner/applicant/appellant has filed I. A. No. 2156 of 2008 in S. A. No. 121 of 2008 under Section 19 (25) of the Debts Due to Banks and Financial Institutions Act 1993 before the fourth respondent/debt Recovery Tribunal praying for permission to deposit the sale amount and subsequently stay the operation of sale certificate issued by the respondents 1 and 2 in favour of third respondent.

(3.) IN the reply statement filed by the second respondent/bank at paragraph 17, it is inter alia mentioned that' there is no provision to remit the auction amount and to set aside the sale which is already done under the provisions of the SARFAESI Act. The only provision available under the Act is Section 13 (8) which facilitates the borrowers to remit the entire dues on or before the sale. The petitioners have not availed the said provision and thereby the petitioners cannot maintain the present application. '