Greenlands a and M Corporation and Anr. versus Union Bank of India

Appeal Dy. No. 55/2022 Date: 20.10.2022

Greenlands A and M Corporation & Anr. Vs. Union Bank of India

Present: Shri Pradeep Kumar along with Shri K. M. Asthana, counsels for the appellant, Shri Sandeep Arora, counsel for the respondent-Bank,

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Heard the learned counsels for the parties.

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The present appeal has been filed under section 18 of the SARFAESI Act against an interim order dated 15.12.2021 passed by the DRT, Allahabad in S.A. No. 303/2021. Learned counsel for the appellant submits that if interlocutory order is challenged by filing appeal under section 18 of the SARFAESI Act, no pre-deposit is required for maintaining the same, which is objected by the learned counsel for the respondentBank. In support of these contentions, a number of the judgments have been cited from both sides.

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It is not disputed that the object of the Bank is to ensure that the money is recovered. Both the parties agree to the said proposition.

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It is contended by the learned counsel appellant that he has a prospective buyer, who is ready to purchase the open land as well as the residential house. It is also contended that they shall deposit 25% amount of the debt due within 15 days and the remaining dues within three months thereafter. It is contended that by doing so the appellants will get a fair market value for their land and the same will not be sold at distress value, in case the bank sells the same.

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Learned counsel for the respondent-bank submits that the matter may be resolved, but entire amount due be paid either

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by the appellant or by the purchaser within the stipulated period. If the appellant is ready to deposit the entire dues of the Bank within the aforesaid period, one opportunity may be given to the appellant for the same.

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Learned counsel for the appellant submits that District Administration has issued notice for taking physical possession of residential portion of the property in question, therefore, in the meantime, the interest of the appellant may be protected.

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The appellant may move an application for interim relief before the Tribunal below and the Tribunal below may consider the same in accordance with law.

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In view of the above, the appeal is finally disposed off with liberty to the appellant to file an appropriate application before the Tribunal below, if so desired. If such application is filed by the appellant before the Tribunal below within a week, the same shall be considered and appropriate order shall be passed, permitting the appellant to deposit 25% of the amount due as per law within 15 days and the remaining amount within three months thereafter as accepted by the appellant.

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Justice R. D. Khare Chairperson

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VN Giri

Greenlands a and M Corporation and Anr. v. Union Bank of India

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Greenlands a and M Corporation and Anr. v. Union Bank of India

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