KAMASAMUDRAM VINOD Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Petitioner is the guarantor who has approached this Court assailing order dated 15.03.2021 in I.A.No.370 of 2021 in S.A.No.323 of 2019 passed by the Debts Recovery Tribunal, Hyderabad-II (for short, 'the Tribunal'), whereby the Tribunal refused to modify its earlier order dated 15.02.2021 in I.A.No.232 of 2021 wherein it had directed stay of notice of the advocate commissioner under Section 14 of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (for short, 'the SARFAESI Act') to take possession of the subject property on condition the petitioner deposited a sum of Rs.75 lakhs within three days and a second instalment of Rs.1.25 lakhs within two weeks thereof.

(2.) Petitioner having failed to do so, again approached the Tribunal stating his inability to comply with the aforesaid conditions was due to poor financial conditions owing to pandemic. Such prayer did not find favour with the Tribunal. Hence, he is before this Court.

(3.) In the meantime we are informed that the bank has proceeded to take over the possession of the secured asset pursuant to the order passed by the Magistrate under Section 14 of the SARFAESI Act.