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Judgment
S. Ravi Kumar, Chairperson
This Appeal is preferred under Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) against the order dated 27.4.2021 in IA 732/2021 in IA 53/2021 in SA No.15/2021 on the file of DRT, Madurai.
Heard both sides.
From the submissions of both sides, it is clear that Tribunal below passed an order to deposit a sum of Rs.56,47,000/- each in three instalments and the appellant herein, after paying two instalments sought for extension of time for paying the third instalment, which was refused by Tribunal below, against which, the present appeal is preferred.
At the time of entertaining the appeal, This Tribunal directed the appellant to deposit a sum of Rs.65.00 lakhs towards pre-deposit and the appellant has complied the same and now from facts, the appellant has deposited more than the figure as directed by Tribunal below.
Admittedly, SA is still pending and rights of both parties have to be determined in the main SA , viz., SA 15/2021.
Considering these aspects and without going into merits and demerits of the case, I deem it proper to direct Tribunal below to dispose of SA 15/2021 as expeditiously as possible and till disposal of that SA, both parties shall maintain status quo as on today.
Appeal MA (SA) 40/2021 is disposed of, accordingly. No costs.