An application for interim stay of auction proceedings was disposed of by granting a temporary stay subject to a monetary deposit and compliance with a list of directives, pending the respondent's filing of counter-affidavits and documents.
Stay granted on auction subject to deposit of Rs. 30 lakh and uploading documents on RTI portal by 02.09.2024.
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THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE OTth DAY OF, AUGUST , 2024 PRESENT: SRI. GUMMADI GOpICHAND HON'BLE PRESIDING OFFICER
rA. NO. 1968 0F 2024 IN sA. NO. 303 0F 2tJ24
Between
Smt. C.A. Suvarna Kumari, R/o. H. No.2-71, Ma ikarjun Nagar, Opp: Uppal Depot,perzadig uda, Boduppal, Medchal-Malkajgiri District,
....Applicant/s
And
Canara Bank, Mukharamjahi Road Branch, Nampally, Hyderabad. And others.
... Respondent/s
RDER DT. 07.Oa.2024.
LA.I96al24 is an application filed by the petitioner seeking stay of all further proceedings including auction of the schedule properties fixed on 21.Oa.2O24 pursuant to the Sale Notice dt.09.07.2024.
It is submitted by the Ld. Counsel for the Petitioner that the petitioner is the absolute owneT and possessor of the schedule property by virtue of Gift Settlement deed dt.07.09.1994. The 2noRespondent availed credit facilities from the lst Respondent Ba st the security of hypothecation of plant and machinery and al roperty. Despite of payment of substantial amounts, nk classified the loan account as NPA and proceeded le o schadll.property whtch is i egat. The 1st Respondent Bank fahdi to fo the pr6tdl{u re as contemplated under the j gllun*r :
W,,*.^9'
SARFAESI Act and Rures, 2002 whire issuing the sare notice. with these submissions, Ld. counsel sought for grant ofitay.
record.Heard Ld. counser for the petitioner and perused the materiar brought on
The issues raised by the petitioner wourd be decided upon firing counter and material documents.by the _ l.tRespondent. However, in the mean time,r am of the opinion that ttrere itratt ue interim-st-"i or "rr further proceedings incruding auction to f,e conducted on 21.og,2024 in respect of the schedure-property lui",r"rt to the sare Notice dt'og.o7.2o24subject to deposit or islzi-raLtrs uv itre p.titioi", i, two instarments - l"t instarment of Rs.14 rakhs on or before 2O.OA.2O24 and 2nd- instalment ot ns.f e lakhs on or before 02.09.T24 directly into the to"n a"cornt with tt"i;nJ"po--n-a.nt Bank' If the petitioner fairs to compry *iin uny of the above .Jnolllon., the.interim stay shaI stands vacated ind tnu i;ii"rpo'"0".a a"#'.i]rr u" at llberty to proceed with the auction as proposed in accordance with raw and the said sare proceedings if any, shaI ue suulect to the resurt of sA.
In the meanwhire, the petitioner is directed to issue urgent notice to ail the Petitioners and file pOS.
Post the matter on 05'09.2024 before Registrar for report of compriance and also for filingpOS.
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Presiding Officer
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1 issue framed by the court
Whether to grant interim stay on auction of schedule property pending the filing of counter-affidavits and supporting documents.
Smt. C.A. Suvarna Kumari
Canara Bank
Sri. Gummadi Gopichand
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
