Navkaar India Export and 5 Ors. v. State Bank of India and 2 Ors.

Appeal Dy. No. 243/2022 Date: 26.04.2023

Present: Shri Shadab Alam, counsel for the appellant, Shri P. K. Srivastava, counsel for the respondent-Bank,

Heard the learned counsels for the parties.

Perusal of earlier order dated 15.02.2023 shows that on the last occasion, it was brought to the notice of this Court that talks of compromise were in advance stage, therefore, adjournment was sought and thereafter the case was directed to be listed today for waiver.

Learned counsel for the appellant submits that the appellant has filed Writ-C No. 25753 of 2022 before the Hon’ble High Court, in which the SARFAESI proceeding was not challenged and pursuant to the order dated 18.08.2022, 50% of the amount due has already been deposited, which is evident from the order dated 01.09.2022 of the Hon’ble High Court, copy of which has been produced before this Tribunal, which is taken on record.

Learned counsel for the appellant further contends that the appellant has already deposited Rs. 1.87 crores with the respondent-bank and possession has not yet been taken and the bank has not filed reply inspite of several opportunities being granted.

Learned counsel for the respondent–Bank prays for and is granted 3 weeks’ time to file reply and rejoinder within two weeks thereafter.

List this case on 29.05.2023. Till the next date of listing, all the parties concerned are directed to maintain the status quo qua the property in question as it exists today.