GOLD FIELD SHIKSHA SANSTHA Vs. ALLAHABAD BANK

JUDGEMENT

(1.) The instant writ petition filed at the instance of borrowers assails the order dated 29.06.2017 (Annexure P-1) passed by the Debt Recovery Appellate Tribunal, Delhi, whereby the petitioners have been directed to deposit 25% of the amount which was being claimed by the respondent-Bank under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the 2002 Act'), as a pre-condition to entertain their appeal against the order dated 30.3.2017 passed by the Debt Recovery Tribunal-II, Chandigarh (Annexure P-27). The Debt Recovery Tribunal-II, Chandigarh dismissed the petitioners' S.A. being premature on the ground that physical possession of the 'secured assets' was still with them.

(2.) It is a matter of record and not disputed by learned counsel for the parties that during pendency of these proceedings, the District Magistrate, Faridabad, in exercise of powers under Section 14 of the 2002 Act, passed the order dated 008.2017 directing Tehsildar, Badkhal, to take over the physical possession of 'secured assets' mentioned therein, with a further direction to the Commissioner of Police, Faridabad, to provide adequate police assistance to the authorized officer in the process of taking physical possession.

(3.) It is stated by Sh. Anupam Gupta, learned senior counsel for the Bank, on instructions from the Chief Manager of the Bank, that in compliance of the above-stated order, physical possession of the 'secured assets' comprising land and building of running school has been taken over today afternoon.