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Judgment
Ashok Menon, Chairperson
In the impugned order, dated 14.11.2018, of the D.R.T.-III, Mumbai, in which there was a direction to the Appellant herein to deposit a sum of Rs.20 Lakhs on or before 30.11.2018, failing which the interim injunction granted against the Respondent Bank was to stand vacated. Aggrieved by this order, the Applicant in the S.A. has come up on Appeal.
This Tribunal while considering the application for waiver of pre-deposit u/s 18 (1) the SARFAESI Act, directed the Appellant vide order dated 30.11.2018 in M.A. No.775/2018, to deposit a sum of Rs.19,05,580/- in two tranches and Appellant has deposited the said amount within the stipulated time, and upon deposit of the said amount, order to maintain status-quo was issued. It is also pertinent to note that Applicant earlier paid Rs.10 Lakhs to the Bank pursuant to the order dated 16.02.2017 of the D.R.T., and consequent to the impugned order dated 14.11.2018, the Appellant has paid Rs.20 Lakhs to the Bank directly. Written arguments have been filed by the parties before the D.R.T. in S.A. No 440/2016, as submitted by the counsel across the Bar. I find no reasons to consider the merits of the impugned order in this Appeal as S.A. is ripe for disposal. Therefore, it would be worthwhile to direct the D.R.T. dispose of the S.A. itself on its merits since the parties have completed the pleadings.
Hence, the Appeal is disposed with a direction to D.R.T.-III, Mumbai, to dispose of S.A. No. 440 of 2016 on merits, as expeditiously as possible, preferably within a period of three months from the date of receipt of this order.
Status-quo directed to be maintained in the order u/s 18 (1) of the SARFAESI Act shall continue till disposal of the S.A. on merits.
All Miscellaneous Applications, if any, are dismissed as infructuous.