RAJASTHAN ART EMPORIUM Vs. BANK OF INDIA

JUDGEMENT

(1.) MR . Malhotra submits that the appellant has deposited a cheque of Rs. 2.14 crores with the Bank on 6.6.2012, as such the order dated 28.5.2012 of this Tribunal has been complied with. He further submits that since the requirement of the pre -deposit envisaged under the second proviso to Section 18(1) of the SARFAESI Act has been fulfilled the appeal be entertained. Ms. Gandhi admits that the amount has been so deposited and the same has been kept in an interest -bearing no -lien account. In view of this, the appeal is entertained. Let it be registered. Heard parties Counsel on admission. The instant appeal has been directed against the order dated 25.4.2012 whereby the learned DRT, Jaipur has dismissed the S. A. 4/2011 with the observation that there was no infirmity in the action of the respondent -Bank in enforcing its security interest under the SARFAESI Act.

(2.) THE submission of Mr. Malhotra is that though the actions of the Bank were challenged on several grounds in the S.A., yet the Tribunal below has neither considered them properly nor given any reasoning in the impugned order for not accepting any of the grounds. He further submits that the Tribunal below did cite the precedents relied upon by the appellant in support of its contentions, but it has neither considered any of those judicial authorities nor made any observation as to why those precedents have not been followed and no reason in this regard has also given by the Tribunal below.

(3.) MS . Gandhi, the learned Counsel for the respondent -Bank, however, submits that without prejudice to the Bank's rights, the appeal may be allowed and the matter be remanded to the Tribunal below for deciding the S.A. afresh with a reasoned order within a given time -frame.