Bank of Baroda v. Shanu Traders Pvt. Ltd.

Appeal Dy. No. 362/2023 Date: 29.03.2023

Bank of Baroda Vs. Shanu Traders Pvt. Ltd.

Present: Shri P. K. Srivastava, counsel for the appellant,

Heard the learned counsel for the appellant.

The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 13.10.2022 passed by the DRT, Dehradun in S.A. No. 10 of 2022.

The report of the registrar dated 28.03.2023 shows that I.A. No. 243/2023 being urgency application, I.A. NO. 244/2023 being Stay application and I.A. No. 255/2023 being delay condonation application have also been filed.

It appears that in the order impugned, the respondents have stated that they are trying to settle the accounts and ready to pay the amount as settled and in the light of the said statement, the DRT, Dehradun had directed the S.A.applicants to deposit Rs. 1.50 crores within a period of one month, subject to deposit of the said amount, the coercive action under the SARFAESI Act against the applicants was to be kept in abeyance and if the said amount is not deposited, the appellant-Bank was free to take coercive action against the applicants under the SARFAESI Act. It is contended that thereafter the matter was taken up on 15.11.2022 and inspite of the fact that no amount was deposited by the applicants, the interim order dated 13.10.2022 was extended vide order dated 15.11.2022 till next date i.e. 23.12.2022, which was again done by the Tribunal below vide its order dated 17.01.2023, which records that the applicants had moved an I.A. No. 55 of 2023 under section 17(7) of the SARFAESI Act for directing the Bank to reverse the excessive interest