G GOPALA KRISHNAN Vs. DEBTS RECOVERY TRIBUNAL

JUDGEMENT

(1.) The petitioner availed secured over draft facility of Rs. 25 lakhs from the second respondent Bank in the year 1995 for the purpose of movie making, agreeing to repay the dues together with contractual rate of interest within six months from the date of sanction and thereafter, he also seems to have availed another over draft facility of Rs. 5 lakhs on21.8.1995. Alleging non-payment, the second respondent Bank has proceeded against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act in short) and issued demand notice under Section 13(2) and the sale notice under Section 13(4). Aggrieved, the petitioner filed S.A. No. 136 of 2007 before the first respondent Tribunal and since the same was dismissed by the Tribunal, by the order dated 8.6.2009, the petitioner has come forward to file this writ petition. Along with the writ petition, the petitioner has also filed M.P. No. 2 of 2009, praying to stay all proceedings of the second respondent under the SARFAESI Act against the petitioner account, pending disposal of the writ petition.

(2.) When the above writ petition along with the stay petition in M.P. No. 2 of 2009, came up for admission on 10.7.2009, a contemporary Division Bench of this Court has passed the following order:

(3.) Thus, a conditional order has been passed by this Court on 10.7.2009, further making it clear that on failure of payment, the Court may dismiss the writ petition.