AADYA SILK MILLS Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Aggrieved by the refusal of the Debts Recovery Tribunal to grant stay of further proceedings including sale and taking over of physical possession, the borrower has come up with the above writ petitions.

(2.) Heard Mr. S. Laxma Reddy, learned senior counsel appearing for the petitioners, and Mr. M. Srikanth Reddy, learned standing counsel appearing for the respondent - State Bank of India.

(3.) Aggrieved by the measures taken under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act'), the petitioners in these two writ petitions filed appeals in S.A. Nos.27 and 26 of 2019 under Section 17 of the SARFAESI Act. Pending the appeals, the petitioners sought stay of further proceedings in I.A. No.217 of 2019 in S.A. No.26 of 2019 and I.A. No.218 of 2019 in S.A. No.27 of 2019.