A.R.C.I. LTD. Vs. RAKESH GARG

JUDGEMENT

(1.) IN this Appeal, Asset Reconstruction Company (India) Ltd. (ARCIL) has impugned the order passed by the Tribunal permitting the respondent to make payment within 60 days failing which giving the appellant permission to proceed against the property in accordance with law. The Tribunal below has held that respondent borrower would have a right as per Section 13(8) of the SARFAESI Act to redeem the property in question and he has to be afforded a fair opportunity to do so in the interest of justice. The appellant being aggrieved against this order has filed this Appeal which is delayed by a day. Notice on the application was issued. There is no serious objection coming from the respondent for granting the prayer for condoning the delay of one day in filing the Appeal. For the reasons stated in the application, single day delay in filing the Appeal is condoned and the application is accordingly disposed of.

(2.) WHILE permitting the respondent to redeem this property, the Tribunal below has taken note of a settlement which was arrived at between ARCIL and the respondent on 22nd March, 2010. It is noticed that ARCIL had accepted the proposal of the applicant for settling the liability on payment of Rs. 88 lacs. This amount was to be paid in the time -schedule provided in the settlement and complete payment was to be cleared by 31st December, 2010 in a phased manner. As per the Tribunal, no default clause was mentioned in the terms of settlement.

(3.) NOTICE in this Appeal was issued. When the respondent appeared before this Tribunal on 7th November, 2014 the Counsel pointed out that the respondent had not only paid the settled amount, but had even paid the interest, for the delayed period as was directed by the Tribunal. The plea accordingly was that nothing would therefore survive in the Appeal.