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Judgment
Ashok Menon, Chairperson
This appeal is filed challenging the order in I.A. No. 91/2023 in Securitisation Application (S.A.) No. 31/2022 on the files of the Debts Recovery Tribunal-Nagpur (D.R.T. )wherein the Ld. Presiding Officer declined to grant any interlocutory reliefs preventing the handing over possession of the secured property to the auction purchaser in a sale that had taken place long ago. The sale certificate is also issued on 21.10.2022. The only action that remains to be done is the handing over the possession to the auction purchaser. The Appellant had earlier filed an appeal as Misc. Appeal No. 150/2022 in which the amount outstanding as date of filing of that appeal was determined and he was directed to deposit a sum of ₹ 1.95 crores u/s. 18 (1) of the SARFAESI Act. That amount is still lying in the deposit. The amount that is due from the Appellant is more than ₹ 5.28 crores approximately. The Ld. Counsel appearing for the Appellant undertakes to deposit a sum of ₹ 2 crores afresh within a week.
Under the circumstances the application for waiver of the deposit is disposed of with a direction to the Appellant to deposit a sum of ₹ 2 crores towards pre-deposit u/s. 18 (1) of the SARFAESI Act within a period of one week. The handing over of possession is scheduled to be held on 06.03.2023. The Ld. Counsel appearing for the Appellant undertakes to deposit a sum of ₹ 50,00,000/- on 06.03.2023 and the balance amount shall be deposited within a week therefrom. In case the amount of ₹ 50,00,000/- is deposited on Monday the handing over of possession to the auction purchaser shall be deferred for two weeks. In default, the Appeal shall stand dismissed, without any further reference to this Tribunal.
The amount shall be deposited in the form of a Demand Draft with the Registrar of this Tribunal.
As and when the said amounts are deposited, they shall be invested in term deposits in the name of Registrar, DRAT, Mumbai, with any nationalised bank, initially for 13 months, and thereafter to be renewed periodically.
With these observations, the I.A. is disposed of. The Respondent is at liberty to file a reply in the Appeal with an advance copy to the other side.
Post on 06.03.2023 for reporting compliance concerning the payment.