M/s Sr Trading and others v. Bank of Baroda

Appeal Dy. No. 1509/2023 Date: 29.11.2023

M/s S R Trading & Ors. Vs. Bank of Baroda

Present: Shri Shadab Alam, counsel for the appellant, Shri Avinash Jaiswal, counsel for the respondent-Bank,

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 03.11.2023 passed by the Tribunal below in S.A. No. 530/2021, whereby the physical possession of the property in question was deferred from 03.11.2023 and the respondent-Bank was given time to file reply, but it was also observed that the respondent-bank is free to take physical possession of the property in question after 2-3 days.

The report of the Registrar dated 28.11.2023 records that a sum of Rs. 12,50,000/- has been deposited by the appellant vide demand draft no. 146703 dated 20.11.2023 towards predeposit, which is almost 30% of the outstanding amount of Rs. 42,16,822/- as claimed in the notice under section 13(2) of the SARFAESI Act. Let the said amount be kept in the form of FDR in the nationalized Bank for a period of one year in auto renewal scheme.

The S.A. No. 530/2021 is pending consideration before the Debts Recovery Tribunal, Allahabad, in which reply has been sought and the matter is still to be decided.

In view of the above, the present appeal is finally disposed off with direction to the DRT, Allahabad to consider and decide the matter in accordance with law most expeditiously, preferably within a month from the date of production of certified copy of this order or till the final disposal of the S.A., whichever is earlier, the status quo qua the property in question as it exists today shall be maintained by all the parties.