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Judgment
Sheel Nagu, CJ
This petition has been filed against possession notice issued u/s 13(4) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act for brevity).
This Court while taking cognizance of the matter on 10.05.2023 had passed an interim order restraining the Bank from dispossessing the petitioner-borrower, subject to deposit of Rs.3.5 lacs by way of bank draft, and also subject to furnishing an undertaking that the petitioner will clear the outstanding at the earliest and give a time-frame by which the needful will be done.
2.1 Learned counsel for the petitioner does not dispute that no time-frame was submitted by the petitioner-borrower, apart from depositing Rs.3.5 lacs.
The petitioner has an alternative efficacious remedy of approaching the Debts Recovery Tribunal (‘DRT’) and thereafter, Debts Recovery Appellate Tribunal (DRAT) under the provisions of SARFAESI Act.
Since the conditions subject to which the interim order was passed on 10.05.2023 have not been complied with by the petitioner, the order dated 10.05.2023 stands vacated. The petitioner is however free to approach the DRT and thereafter DRAT, in accordance with law.
Petition stands disposed of accordingly.