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Judgment
A. Arumugasamy, J
The matter has been taken up on the Praecipe moved by the appellants. The appellants have filed M.A. No. 836/2014 i.e. application for waiver of deposit while entertaining his appeal.
The learned Counsel for the appellants contends that the appellants have already deposited Rs. 1.30 lacs before filing the S.A. No. 378 (A)/2013 but after issuance of notice under Section 13(2) of the SARFAESI Act and Rs. 7.00 lacs as per direction of the DRT-III, Mumbai. Thus, the appellant has deposited Rs. 8.30 lacs. The amount claimed in the notice issued under Section 13(2) of the SARFAESI Act is Rs. 19.10 lacs. In this way, the appellants have deposited major portion of the claimed amount. The learned Counsel, therefore, requests that his appeal be heard on merit without directing him to deposit any amount towards pre-deposit.
The learned Counsel for the respondent though admits that appellants have deposited aforesaid amount in DRT, but she requested that appellants be directed to deposit sum more amount i.e. to cover at least 50% of the claimed amount.
In view of above, since the appellants have already deposited major portion of the claimed amount, I am of the view that appellants are not required to deposit any more amount for entertaining their appeal. M.A. No. 836/2014 stands allowed and the appeal is being heard without directing the appellants to deposit any more amounts.
The appellants are the borrowers. The respondent-Bank as per the notice issued under Section 13(2) of the SARFAESI Act has claimed Rs. 19.10 lacs, subsequently the appellants have Rs. 1.30 lacs deposited before filing the S.A. but after issuance of notice under Section 13(2) of the SARFAESI Act and Rs. 7.00 lacs as per direction of the DRT. Even thereafter learned Presiding Officer, DRT-III, vide its order dated 24th September, 2014 has directed the appellants to deposit Rs. 4.00 lacs more. Thereafter the appellants applied for recalling and modifying the order which was rejected by the learned Presiding Officer, DRT, vide order dated 20th October, 2014 against which the appellant have filed this appeal. The appellants have not challenged the order dated 24th September, 2014 directing the appellants to deposit Rs. 4.00 lacs. But, the appellants have challenged impugned order dated 20th October, 2014 where the DRT rejected application for modification of the order dated 24th September, 2014. The learned Counsel for the appellants submits that the respondent-Bank has not given statement-account of the Housing Loan. The respondent Counsel submits that the statement of account has already been given in August 2014 and the said fact has been recorded in impugned order dated 20th October, 2014. Considering the circumstances of this case, I am of the view that learned Presiding Officer, DRT should not have troubled himself by passing an order twice within month to get E.M.I. by way of this order. The learned Presiding Officer is at liberty to pass such type of order only at the time of inception of the matter before him. After exercising these, DRT is expected to pass an order at the time of final disposal of the S.A. Therefore, I am of the view that protection to the appellants will continue till disposal of the S.A. The respondent-Bank is directed to furnish statement of account of the housing loan to the appellant within two weeks. Even thereafter if it is seen that the respondent-Bank has not complied with this order, the DRT may proceed with matter instead of adjourning it for non-production of the statement of account. And necessary inference can be drawn as per Section 114 of the Indian Evidence Act.
ORDER
With these observations appeal is disposed of with no order as to costs. The appellants are not required to deposit any more amount before DRT. It is expected that the learned Presiding Officer, DRT will dispose of the matter expeditiously within two months from the date on which the copy of this order is presented before him.
Interim protection granted by DRT will continue till disposal of the S.A.