The Appellate Tribunal disposed of an interim appeal against a DRT order directing deposit for staying an e-auction sale. Directing the lower court to decide the main appeal on merits, the Tribunal ordered the return of the appellant's pre-deposit with interest.
Return of pre-deposit of Rs.40,85,086/- with accrued interest.
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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 16th of December, 2024
PRESENT: Hon’ble Mr. Justice G. Chandrasekharan CHAIRPERSON
M.A (S.A): 34/2023
(I.A No. 2844/2023 in SA No.558/2023 on the file of DRT, Coimbatore)
Between
R. Senthilkumar, Son of Late, Rajamanickam, No.22, A/50, Venkateshwara Nagar, Anna Street Extn, No.15, Velampalayam, Tirupur – 641 652.
… Appellant
And
… Respondents
Counsel for Appellant : M/s. S Sukumar Counsel for Respondent R-1 : Mr. F.B.Benjamin George Counsel for Respondent R-3 : M/s. S. Ramamurthy
1
ORDER
This Appeal is filed against the order passed in IA
2844/2023 in SA 558/2023 of DRT, Coimbatore.
SA 558/2023 was filed challenging e-auction sale notice dated 03.07.2023, wherein IA 2844/2023 was filed seeking stay.
Learned Presiding Officer, DRT, Coimbatore, directed the Appellant to deposit a sum of Rs.81 Lakhs, in two equal instalments, of Rs.40.50 Lakhs each, on or before 20.09.2023 and 04.10.2023. Challenging this order, this Appeal is filed.
This Tribunal, on 25.09.2023, directed the Appellant to make deposit of Rs.40,85,086/-, on or before 09.10.2023, for entertaining this Appeal. In compliance of this order, the amount had been deposited by Appellant, and thus, Appeal was numbered.
2
During the pendency of this Appeal, the Respondent No.3, Auction Purchaser, got itself impleaded, as Respondent No.3. Now the matter is pending for final disposal.
Heard both sides.
Learned Counsel for Respondent No.3, Auction
Purchaser submits that, Respondent No.3, purchased the property for Rs.81.33 Lakhs, and because of the pendency of this proceedings, possession is not taken.
In view of the facts elucidated above, as this Appeal is only against an Interim Order, and that the Appellant had already deposited Rs.40,85,086/-, and also of the fact that, the sale had taken place and Respondent No.3 is declared as successful bidder, this Tribunal directs Learned Presiding Officer, DRT, Coimbatore, to dispose of the SA 558/2023, on merits and in accordance with law, as expeditiously as possible.
3
Accordingly, this Appeal in M.A(S.A):34/2023is disposed of. Both parties shall bear their own costs. All pending IAs, if any, stand closed.
In view of the submissions of Learned Counsel for Appellant that in view of the direction given above, Rs.40,85,086/- deposited by Appellant, as pre deposit, may be returned to Appellant, with accrued interest. Considering the submission of Learned Counsel for Appellant, this Tribunal directs that a sum of Rs.40,85,086/- deposited by Appellant, as pre deposit, be returned to Appellant, with accrued interest, if any.
[Dictated to Athistamani, PS, in open court, transcribed by her, corrected and signed by me this 16th of December, 2024]
Sd/[ Justice G. Chandrasekharan] CHAIRPERSON
4
2 issues framed by the court
Whether to discharge an interim order directing deposit for stay of e-auction sale notice pending merits.
Whether to return the pre-deposit amount with interest to the appellant upon disposal of the appeal.
R. Senthilkumar
The Authorised Officer, M/s. Bank of India
M/s. Udhayam Packaging
Ajith Jain
G. Chandrasekharan
As recorded by the court registry
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