RANGA WOOLEN SPINNERS Vs. SOUTH INDIAN BANK LTD

JUDGEMENT

(1.) THIS civil revision petition is preferred against the order passed by the Debt Recovery Tribunal, Coimbatore on 16.10.2008 in I.A.No.1977 of 2008 in O.A.No,274 of 2004.) Animadverting upon the order dated 16.10.2008, passed by the Debt Recovery Tribunal, Coimbatore, in I.A.No.1977 of 2008 in O.A.No,274 of 2004, this civil revision petition is focussed.

(2.) HEARD both sides.

(3.) AT this juncture I would like to observe that the proceedings are initiated under the SARFAESI Act which is an Act by itself meant for speedy recovering of the dues from the debtors by the secured creditors and admittedly the claim of the respondent/applicant before the Tribunal was nearly to a tune of Rs.95,00,000/- (Rupees ninety five lakhs only) as stated by the learned counsel for the revision petitioners/defendants and in such a case, I am of the considered opinion that no reduction in the quantum of amount ordered to be paid by the tribunal is warranted. However, I am of the view that one week time granted for deposit by the Tribunal is too short and hence I would like to partly allow this civil revision petition by directing that the said sum of Rs.10,00,000/- (Rupees ten lakhs only) shall be deposited with the respondent Bank within a period of three months from the date of receipt of a copy of this order.