The writ petitioners who availed the loan from the 1st respondent bank failed to discharge the same. Consequently, proceedings were initiated by the 1st respondent bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “the Act”). Aggrieved by the same, the petitioners preferred an appeal i.e., S.A.No.46 of 2013 before the Debts Recovery Tribunal, Hyderabad and sought interim stay of all further proceedings including the proposed sale of the secured assets. By order dated 28.01.2013, the Tribunal granted stay subject to depositing 20% of the amount claimed by the bank under sale notice dated 25.12.2002 out of which 10% should be deposited within four weeks from 28.1.2013 and the balance 10% within four weeks thereafter. It is not disputed before us that the 1st installment of 10% was deposited within the time granted. So far as the second installment is concerned, the petitioners filed I.A.No.1008 of 2013 seeking extension of time. The said application was disposed of by the Tribunal by order dated 28.3.2013 extending the time till 4.4.2013 to pay the balance 10% directly to the 3rd respondent bank, failing which the 3rd respondent should be at liberty to proceed further in accordance with law. Aggrieved by the same, the present writ petition is filed.
