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Judgment
Heard the learned counsel for the appellant.
Learned counsel for the appellant submits that against the demanded amount of Rs. 1.96 crores and odd, the appellant has already deposited Rs. 47.00 lacs with the bank and today the appellant has brought a demand draft of Rs. 20.00 lacs, which is prepared in favour of the bank, which is 34% of the said demand. Learned counsel further submits that the appellant is ready to deposit further a sum of Rs. 20.00 lacs within a week with the bank and rest of the amount payable to the Bank shall be paid within three months thereafter.
Learned counsel also submits that the respondent-Bank is going to take physical possession of the property in question today i.e. 27.01.2026 as the property has not yet been sold by the Bank, therefore, the interest of the appellant may be protected.
In view of the above, the appellant is directed to deposit the demand draft of Rs. 20.00 lacs as produced before this court today with the respondent-Bank by tomorrow and further Rs. 20.00 lacs within a week and rest of the amount shall be deposited with the Bank in three equal monthly installments from today.
Considering the facts and circumstances of the case and the fact that the property has not yet been sold and the appellant is ready to liquidate all the dues of the bank, the status quo qua the property in question as it exists today is directed to be maintained by all the parties concerned. However, it is made clear that if the appellant fails to deposit any of the amount as directed above, the status quo order as granted above shall stand automatically vacated and the Bank would be free to proceed further for its recovery in accordance with law.
In the above terms, the appeal stands disposed of.