SEKAR STORES HOME MART REP BY ITS PARTNER S V S MANIVANNAN Vs. AUTHORIZED OFFICER PRIDHVI ASSET RECONSTRUCTION & SECURITISATION COMPANY LTD

JUDGEMENT

(1.) Since the issues involved in both the Writ Petitions are identical and between the same parties, the Writ Petitions are disposed of by this common order.

(2.) The petitioners have filed the Writ Petitions to issue writs of certiorarified mandamus to call for the records of the 2nd respondent made in AIR (SA).Nos.154 & 156 of 2018 dated 03.09.2018 and to quash the same and to direct the 3rd respondent to take up the appeals filed by the petitioners without insisting on the mandatory deposit in terms of 2nd proviso to Section 18 of SARFAESI Act and to decide the case on merits and in accordance with law.

(3.) Challenging the orders passed in S.A.Nos.115 & 116 of 2013 on the file of the Debts Recovery Tribunal III, Chennai, the petitioners filed appeals in AIR (SA).Nos.154 & 156 of 2018 respectively. In the said appeals, the petitioners filed I.A.No.483 of 2018 in AIR (SA).No.154 of 2018 and I.A.No.487 of 2018 in AIR (SA).No.156 of 2018 for waiver of pre-deposit. In both the appeals pending on the file of the Debt Recovery Appellate Tribunal, the petitioners have challenged the orders passed by the Debts Recovery Tribunal III, Chennai, which affirmed the possession notices issued by the respondent Bank. In AIR (SA).No.154 of 2018, the Debt Recovery Appellate Tribunal directed the petitioners to make a pre-deposit of Rs.1 crore. While arriving at the sum of Rs.1 crore, the Tribunal found that the petitioners are liable to pay a sum of Rs.8 crores after giving credit to all the payments made by them. Similarly, in AIR (SA).No.156 of 2018, the Tribunal directed the petitioners to make a pre-deposit of Rs.1.90 crores on the basis of the notice amount (i.e.) Rs.7.60 crores.