M/S. BHAGGYA LAXMI ENTERPRISES Vs. UCO BANK

JUDGEMENT

(1.) This writ petition is filed to set aside the order dated 20.05. 2022 passed in I.A.No.530 of 2022 in S.A.No.75 of 2022 by the DRT-I, Hyderabad dismissing the petition for extension of time to comply with the order dtd. 12/4/2022 in I.A.No.294 of 2022 in S.A.No.75 of 2022 and consequently permit the petitioners to deposit the balance amount of Rs.1,20,000.00 in compliance with the order dtd. 12/4/2022 made in I.A.No.294 of 2022 in S.A. No.75 of 2022 of the DRT-I Hyderabad within 15 days and direct the DRT-I, Hyderabad to adjudicate the S.A.No.75 of 2022 on merits and dispose the same.

(2.) Heard Sri V.V.Ramana, learned counsel for the petitioners and Sri Maripeddi Arun, learned counsel representing Sri N.V.Subbaraju, learned Standing counsel for respondent bank. With their consent, this writ petition is disposed of at the admission stage.

(3.) Perusal of record would reveal that the petitioners herein have filed Securitisation Application under Sec. 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'SARFAESI Act ') vide S.A.No.75 of 2022 challenging the possession notice dtd. 2/3/2022 issued under Sec. 13(4) of the SARFAESI Act. They have also filed an application seeking stay. Vide order dtd. 12/4/2022 in I.A.No.294 of 2022 in S.A.No.75 of 2022, the Debts Recovery Tribunal-I at Hyderabad granted stay on condition of petitioner depositing an amount of Rs.12,00,000.00 in two installments. i.e. 1st installment of Rs.6,00,000.00 within two weeks from the date of the said order and 2nd installment of Rs.6,00,000.00 within two weeks, thereafter directly with the respondent bank. There is also a default clause. Thereafter, the petitioner herein sought extension of said period granted and vide docket order dtd. 26/4/2022, the Tribunal has extended the time till 6/5/2022.