AI Structured Summary
Not yet generated for this judgment
Judgment
Ashok Menon, Chairperson
The matter is taken up for hearing by way of Praecipe filed by the Appellant seeking urgent relief.
This is a Misc. Application filed by the applicant in Miscellaneous Application No. 19/2021 which has been pending in Securitization Application No. 87/2011 on the files of Debts Recovery Tribunal, Aurangabad (D.R.T.). The said application has been pending for quite some time. It is submitted that the matter was settled with the consortium of banks and the UCO Bank the lead bank, as well as the other banks, were ready to give a discharge and release to the applicant with regard to the outstanding debt.
The Respondent bank has been seeking time for filing a reply since 2021 and to date, I am told, none of the Respondent Banks has filed a reply to M.A. The applicant, therefore, invokes the jurisdiction of this Tribunal under section 17A of the RDB Act seeking expeditious disposal of the application by the D.R.T., Aurangabad.
The Respondents have been served and the Ld. Counsel appearing for the Respondent No.2 appears and submits that he would give a necessary direction to the bank to file a reply and complete the pleadings so that the matter can be expeditiously disposed of. The matter now stands posted for 10.03.2023 granting a last and final opportunity to file a reply but I feel that the date fixed is a little too far away, and the application has been pending since 2021.
Exercising jurisdiction of this Tribunal u/s 17A of the RDB Act, the D.R.T., Aurangabad is directed to dispose of miscellaneous Application No. 19/2021 which has been pending in Securitization Application No. 87/2011, as expeditiously as possible, at any rate within a period of one month from receipt of the order of this Tribunal.
The Reply, if any, shall be filed within two weeks from today positively, otherwise it shall be recorded that there is no reply to the application. All issues are kept open to be decided by the D.R.T