Katyal Industries and 3 Ors. v. Canara Bank and 2 Ors.

Appeal Dy. No. 873/2024 Date: 13.09.2024

Katyal Industries and 3 Ors. Vs. Canara Bank and 2 Ors.

Present: Shri Shresth Pandey, counsel for the appellants, Shri Maneesh Mehrotra, counsel for the respondent-Bank,

Heard the learned counsels for the parties.

Learned counsel for the appellants submits that the present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 28.05.2024 passed by the Tribunal below in S.A. No. 250/2021, whereby the interim stay application has been rejected by the Tribunal below.

Learned counsel for the respondent-Bank contends that initially the order was passed rejecting the application for grant of stay, but subsequently when the Bank had proceeded to auction the property again, the stay application was moved, in which the appellants obtained the interim order by the Tribunal below on 21.08.2024, copy of which has been produced before this court, which is taken on record. It is further contended by the learned counsel for the respondentBank that since the stay order has already been obtained by the appellant, therefore there remains nothing to be decided in the present appeal, as the securitization application is still pending consideration before the Tribunal below.

After hearing the learned counsels for the parties and considering the facts and circumstances of the case, the present appeal stands disposed off with direction upon the Presiding Officer, DRT, Allahabad to consider and decide the S.A. No. 250/2021, which is stated to be pending, in accordance with law, most expeditiously, preferably within three months from the date of production of certified copy of this order.