M/S. IDAN MEDIA WORKS INDIA PVT LIMITED AND OTHERS Vs. AUTHORISED OFFICER M/S. PALLAVAN GRAMA BANK NO.6 YERCAUD ROAD HASTHAMPATTI SALEM 636 007 AND OTHERS

JUDGEMENT

(1.) M/s. Idan Media Works India Pvt Limited, has borrowed loan from Pallavan Grama Bank, Salem, first respondent herein. As there was default, Bank has issued notice, dated 23/8/2017, under Section 13 (2) of the SARFAESI Act, 2005, demanding a sum of Rs. 2,71,94,667/-. According to the petitioner, vide, letter, dated 19/10/2017, they sought for two months time to regularise the loan account, which was acknowledged by the Bank. Being aggrieved by the possession notice, dated 2/11/2017, issued under Section 13 (4) of the SARFAESI Act, petitioner filed S.A.No.342 of 2017 along with a stay petition I.A.No.2246 of 2017. Respondent Bank issued a sale notice, dated 3/3/2018, and subsequently, on 5/3/2018, paper publication was ordered, to bring the mortgaged property, by way of auction, on 23/3/2018. and therefore, the petitioner was constrained to file S.A.No.99 of 2018.

(2.) Petitioner has further contended that vide order, dated 22/3/2018, in I.A.No.652 of 2018, Tribunal granted interim stay of the auction, on condition that the petitioner pays a sum of Rs. 73 lakhs, each, in two instalments on or before 23/4/2018 and 22/5/2018 respectively. Due to financial constraint, petitioner could not pay the said amount. However, made OTS proposal, dated 19/4/2018, which was not accepted by the Bank. Therefore, the petitioner filed another application, I.A.No.1072 of 2018 in S.A.No.99 of 2018, to stay all further proceedings, in pursuance of the sale notice.

(3.) After hearing the learned counsel appearing for the petitioner and the Bank, vide order, dated 2nd May 2018, in I.A.No.1072 of 2018, Debts Recovery Tribunal, Coimbatore, has dismissed the same, as hereunder:-