Shri Ram Gopal Maheshwari vs Canara Bank

R. D. Khare, Chairperson

Heard the learned counsels for the parties.

The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 22.11.2022 passed by the DRT, Allahabad in S.A. No. 219/2021. The report of the Registrar dated 09.01.2023 shows that I.A. No. 727/2022 being urgency application and I.A. No. 728/2022 being waiver application have been filed.

Since the matter has been taken up today, therefore the urgency application being I.A. No. 727/2022 has become infructuous and is disposed off as such.

Learned counsel for the appellant contends that by the impugned order dated 22.11.2022, the interim order has been vacated only on the ground that the appellant had sought adjournment, as the fact remains that applicant has deposited Rs. 2.29 crores with the respondent-Bank in pursuance of the order of the Tribunal below.

Learned counsel for the respondent-Bank submits that the statement of account was provided to the appellant, but inspite of the same, the appellant did not approach the Bank for settlement of the dues nor made any attempt to settle the amount, but kept on lingering the matter. As on date, the dues for more than Rs. 5.00 crores are pending for payment.

Be that as it may, the S.A. is still pending consideration before the Tribunal below and as per statement made by the counsel for the respondent-Bank, the auction scheduled earlier has failed and no further steps have been taken for auction of the secured property.

In view of the above, the appeal is finally disposed off with direction upon the Tribunal below to consider and decide the S.A. No. 219/2021 in accordance with law most expeditiously preferably within two months from the date of production of certified copy of this order. In case the Bank proceeds for sale of the secured asset, it will be open for the appellant to move an appropriate application before the Tribunal below, who may consider and decide the same in accordance with law.