MISSION INDUSTRIES Vs. BANK OF BARODA

JUDGEMENT

(1.) Heard Shri R. H. Agrawal, learned counsel for the petitioners and Shri S. M. Bhangde, learned counsel for the respondent/Bank.

(2.) By this petition, the petitioners are seeking the directions to the respondent/Bank not to take any coercive steps for about of three months in view of the extreme COVID-19 condition, prevailing in the country. The effect that the petitioners are seeking is the protection of possession of petitioners over the secured assets, which have been sold in public auction held on 08.04.2020, to two purchasers in the auction sale, directed by this Court to be added as party respondents by order passed on 30.04.2020. This Order has, however, not been complied with by the petitioners. Be as it may. The grounds on which the aforestated direction or writ have been sought by the petitioners are that the petitioners had given an offer to repay dues by way of one time settlement to the respondent/Bank on 09.04.2020, but, same has not been considered appropriately by the respondent/Bank, although during the pendency of the present petition, the petitioners have already approached DRT, Nagpur under the Provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (in short "the Act, 2002"), for cancellation of the auction sale and the petitioners are feeling handicapped owing to the DRT not allowing even virtual hearing of urgent matters.

(3.) Shri S. M. Bhangde, learned counsel for the respondent/Bank, submits that the auction notice was published on 03.03.2020 and secured assets were sold on 08.04.2020, the date on which the auction was held and an offer submitted by the additional respondents yet to be joined by the petitioners, was accepted. The auction price settled by the respondent/Bank was of Rs.44,00,000/- and the entire amount has been deposited by these persons, yet to be joined as party respondents, in installments on various dates, so submits learned counsel for the respondent/Bank. He further points out that an amount of Rs.4,00,000/- was deposited by the respondents, yet to be joined as parties on 03.04.2020 and further amounts of Rs.7,00,000/- and Rs.33,00,000/- were deposited by them on 09.04.2020 and 18.04.2020 respectively.