PRAMILA DOSI Vs. IDFC FIRST BANK LIMITED

JUDGEMENT

(1.) This petition filed under Article 226/227 of the Constitution of India takes exception to the order of the Debt Recovery Tribunal (in short 'Tribunal') dtd. 22/6/2022 (Annexure P/3) whereby the Tribunal while granting interim relief to the petitioners imposed a condition of deposit of Rs.1.00 Crore and 50 Lacs before respondent no. 1 within two months. The petitioners feeling aggrieved by the said condition, filed an application for review/modification of order dtd. 22/6/2022 which came to be dismissed by another impugned order dtd. 8/7/2022 (Annexure P/6).

(2.) Draped in brevity, the admitted facts between the parties are that the petitioners being guarantors and mortgagors of their properties, obtained loan and could not repay the same to the Bank. The Bank proceeded against the petitioners by instituting application under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (for brevity 'Securitisation Act').

(3.) In turn, the District Magistrate passed the order dtd. 20/5/2022. The said order of District Magistrate became subject matter of challenge in the appeal filed by the petitioners under Sec. 17 of the Securitisation Act. The petitioners pressed their interim prayer before the Tribunal. The Tribunal by the impugned order dtd. 22/6/2022 granted a conditional interim order and directed the petitioners to deposit Rs.50.00 lacs within fifteen days i.e. upto 7/7/2022 and remaining Rs.01.00 Crore in two installments within