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Judgment
Ashok Menon, Chairperson
Heard the learned counsel appearing for the Appellants and the Respondent.
This Appeal is filed under Sec. 18(1) of the SARFAESI Act challenging the impugned order dated 30.03.2021 passed by the learned Presiding Officer on I.A. Nos. 328/2021 & 329/2021 in S.A. No. 142/20219 on the files of D.R.T., Nagpur.
The learned Presiding Officer had refused to grant the stay of Sarfaesi measures based on a notice which was issued for taking over physical possession of the secured asset. Since the learned Presiding Officer declined to grant a stay, this Appeal is filed by the borrowers. Consequent in the filing of the Appeal, the Appellants have paid the total sum of ₹20 Lakhs to the Bank directly and the Bank has actually given up the actions/proceeding based on the notice on which the stay was sought in the aforesaid application before the D.R.T., Nagpur. A fresh notice has been issued to take over possession and it is submitted that the Appellants have filed a fresh application seeking a stay of the measures based on that notice which was subsequently issued. I am told the S.A. No. 142/2019 is posted for the final argument on the 21st instant.
The learned counsel appearing for the Respondent Bank submits that in view of the withdrawal of the notice on the basis of which the stay was declined to be granted by the Ld. Presiding Officer, this Appeal has become infructuous. Under the circumstances, there is no point in keeping the Appeal pending, submits the Ld. Counsel for the Respondent.
The learned counsel appearing for the Appellants also admits that a fresh notice for taking over possession was received and that too, stands challenged by filing an I.A. which is pending consideration before D.R.T. That application has also been rejected but no Appeal has been filed therefrom. Under the circumstance, I find no purpose in keeping this Appeal pending. The Appeal is, therefore, disposed of with a direction to the learned Presiding Officer, D.R.T., Nagpur to dispose of S.A. No. 142/2019 as expeditiously as possible, at any rate, within the period of two months from the date of receipt of this order.
Any application filed during the interregnum period shall also be considered by the D.R.T.
All Miscellaneous Applications, if any, are dismissed as infructuous.