TROPICAL COATINGS INTERNATIONAL PRIVATE LIMITED Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) The challenge in this writ petition at the instance of petitioners / borrowers is the following order dtd. 24/9/2021 in S.A.No.227/2018 passed by the Presiding Officer, Debts Recovery Tribunal, Visakhapatnam (for short, the DRT, VSP'):

(2.) The petitioners' case succinctly is thus:

(3.) Respondents 1 and 2 filed separate counters and opposed the Writ Petition mainly contending that there are no merits in the Writ Petition; the petitioners have to file appeal against the impugned order and Writ Petition is not maintainable; the petitioners have not honoured OTS and paid the stipulated amount in time and therefore the 1st respondent can receive the balance 75% of bid amount from the 2nd respondent and execute and register sale certificate pursuant to the e-auction dtd. 01/12/2018; the Tribunal having rightly considered the said fact, excluded item No.1 of the schedule property from the OTS proposal while dismissing the S.A.No.227/2018.