Rajan Joseph vs Indian Overseas Bank

S. Ravi Kumar, Chairperson

This Appeal is preferred under Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) against order dated 31.3.2022 in IA 443/2022 in SA 115/2022 on the file of DRT-I, Ernakulam.

Appellants herein filed above referred IA before Tribunal below seeking interim orders and Tribunal below on consideration of contentions and rival contentions of both parties recorded that there are no reasons to grant an interim relief, consequently dismissed the application. Aggrieved by the said order, present appeal is preferred.

Heard both sides.

As appeal is against an interim order and main SA is still pending wherein actual rights of parties have to be determined, I deem it proper that instead of deciding rights of parties at interlocutory stage, Tribunal below should be directed to take up main SA and decide the same in a time bound manner without being influenced by any of the observations made herein and the findings recorded in the said IA 443/2022.

For the above reasons, without going into merits and demerits of the case and correctness of impugned order dated 31.3.2022, Tribunal below is directed to dispose of SA 115/2022 within a period of three months from the date of receipt of a copy of this order by giving opportunity to both parties. Both parties shall co-operate with Tribunal below in deciding the SA and in compliance of direction given by this Tribunal.

Appeal MA (SA) 29/2022 is disposed of accordingly with no order as to costs.

All pending IAs, if any, stand closed.