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Judgment
Ashok Menon, Chairperson
The creditor bank which had initiated Sarfaesi measures against the respondent borrowers is in appeal impugning the order of the Debt Recovery Tribunal, Pune (DRT) dated 02.08.2024 wherein on an undertaking given by the borrowers, they were given the liberty to come up with an OTS proposal and pay the debt due. On failing to pay the amount within three months, it was also undertaken by them that they would hand over vacant possession to the creditor without contesting the S.A. The appellant is aggrieved by the DRT giving such liberty to the borrowers, and preventing prompt Sarfaesi measures initiated to recover the debt due.
It is now submitted that the respondents did not come up with any OTS proposal by the end of the given time of three months. Neither did they pay any amount within the said three months as undertaken. There is therefore nothing to hold the appellants from proceeding with the Sarfaesdi action. This appeal has become infructuous and the S.A. will have to be considered on its merit as to whether it is maintainable given the undertaking given by the respondents.
Hence, the appeal is disposed of with a direction to the DRT to dispose of the Securitisation Application at Diary No. 1683/2024 (S.A.) as expeditiously as possible at any rate within three weeks from the date of receipt of this order.