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Judgment
Ashok Menon, Chairperson
The appellant is in appeal aggrieved by the order dated 01.08.2024 passed in I.A. No.1161/2024 in Securitisation Application No.242/2024 (S.A.) on the files of Debts Recovery Tribunal, Aurangabad (D.R.T.). It is seen from a perusal of the impugned order that detailed arguments are necessary and therefore, the I.A. was not disposed of. But in the interregnum, there was a direction that defendants 3.1 to 3.4 were at liberty to appropriate the bank guarantee of ₹1 crore which was made and adjusted towards the liability. It is also submitted by the bank that there is no amount available for appropriation. There was also the direction to the 4th defendant to deposit 5% of the amount demand notice within three weeks. Hence this appeal.
After filing this appeal, there was an interim direction to the creditor not to take possession of the subject property till the next date of hearing. Now the respondent bank has appeared and I find that the I.A.No.1161/2024 itself can be disposed of on merits by the D.R.T. after considering the material placed and hearing both sides. Therefore, I find that an order on merits may not be necessary in this appeal and the matter is remanded back to the D.R.T. for further consideration of I.A.No.1161/2024 on merits and the I.A. shall be disposed of as expeditiously as possible at any rate within a month from the date of receipt of the order.
The parties are at liberty to apply for the interim orders before the D.R.T. The possession of the subject property shall only be taken after serving 15 days’ notice on the appellant/counsel.