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Judgment
I.A. No.948/2018 (Application for condonation of delay)
The instant application is filed for condonation of delay in filing the present appeal although the appellant has not mentioned the number of delays in filing the appeal. The prayer clause states that there was a delay of 20 days in filing the present appeal due to the reasons as stated in the application.
After considering all facts, the delay in filing the present appeal stands condoned. The application is allowed, accordingly.
I.A. No.949/2018 (Application for waiver of pre-deposit)
The instant application is filed for waiver of pre-deposit. The counsel for the appellant stated that as per the notice under Section 13(2) of the SARFAESI Act, a sum of Rs.12,19,595.60 was stated to be due against the appellant who is the borrower.
It is further stated that the appellant has made the substantial payment of outstanding dues and only a sum of Rs.1,49,794.75 is stated to be outstanding in the housing loan account. In these circumstances, the condition of making pre-deposit is complied with. Accordingly, the application is allowed.
In the present appeal, challenge is to order dated 24.02.2018 whereby DRT-III, Chandigarh has dismissed the S.A. bearing No.14/2017 filed by the appellant titled as Bindu Jain V. Axis Bank on the ground that the subject property is not only mortgaged in housing loan account but also mortgaged in other loan account which was in the name of Sambhav Textile Limited, stated to be owned by the husband of the applicant.
The perusal of impugned order dated 24.02.2018 reflects that DRT-III, Chandigarh in the impugned order has not discussed the compliance of various requirements under SARFAESI Act and dismissed the S.A. only on the ground that the subject property was mortgaged in respect of other accounts only. The impugned order is not justified and is accordingly, set aside.
The S.A. bearing No.14/2017 is remanded back to DRT-III, Chandigarh for disposal of judicial determination in accordance with law and after considering the various provisions as per the SARFAESI Act.
The concerned parties are directed to appear before DRT-III, Chandigarh on 17.08.2026. Since the present S.A. is an old matter, DRT-III, Chandigarh is accordingly, directed to decide the S.A. expeditiously without any delay.