Petitioners challenged pre-sale and auction notices after depositing an interim amount under an DT order. The court dismissed the writ petition, staying the stay until 24.12.2020 pending further recourse to DT.
Petition dismissed. Status quo maintained until 24.12.2020 allowing petitioners to approach Debts Recovery Tribunal.
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WPMS No. 2418 of 2020 Hon’ble Manoj K. Tiwari, J.
Heard Mr. Aditya Singh, Advocate for the petitioners through video conferencing.
Petitioners took a loan from the respondent. Since there was a default in repayment of the loan committed by the petitioners, therefore, proceedings for recovery were initiated against them.
According to learned counsel for the petitioners, petitioners had approached Debts Recovery Tribunal, Dehradun under Section 17 (1) of SARFAESI Act by filing S.A. No. 93 of 2020 and learned Tribunal, vide order dated 09.11.2020, had passed an interim order, permitting the petitioners to approach the respondent financial institution alongwith upfront amount of ` 10,00,000/- as well as concrete proposal for regularization/ repayment of entire dues in the loan account, within fifteen days. It was further provided that respondent financial institution will consider the representation of the petitioners before the next date of hearing. It was further provided that, till disposal of the proposal submitted by the petitioners, respondent financial institution shall keep the proceedings under SARFAESI Act on hold.
It is the case of the petitioners that they had deposited a sum of ` 10,00,000/- in terms of order passed by learned Tribunal. Grievance of the petitioners is that the respondent financial institution is now proceeding to auction the assets belonging to the petitioners.
It is an admitted position that proposal/ representation filed by the petitioners has been rejected by the respondent financial institution.
In the present writ petition, petitioner has challenged pre-sale notice dated
11.11.2020 and auction notice published on 18.11.2020.
For the aforesaid reasons, this Court does not find any reason to interfere in the matter.
Learned counsel for the petitioners then submits that petitioners are ready & willing to re-pay the entire outstanding loan.
If that is so, petitioners shall be at liberty to approach the Debts Recovery Tribunal on or before 24.12.2020.
Till 24.12.2020, status quo, as of today, shall be maintained.
The writ petition is, accordingly, disposed of.
Let a certified copy of this order be issued within 24 hours.
(Manoj K. Tiwari, J.) Arpan 16.12.2020
Petitioners
Respondent Financial Institution
Manoj K. Tiwari
As recorded by the court registry
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