Syndicate Bank vs Yograj Infrastructure Ltd. And Ors.

S.N.H. Zaidi, J

Heard parties' counsel on application (No. 453/2012) filed by the applicant bank under section 17(6) of the SARFAESI Act seeking direction to the Tribunal below for the disposal of the concerned S.A. within the given time frame. Mr. Raju points out that the concerned S.A. was filed on 12.5.2011 by respondent Nos. 1 to 3 when the bank had initiated action qua the secured asset. He also points out that as against the maximum period of four months allowed under section 17(5) of the SARFAESI Act about two years have since been passed but the S.A. could not be disposed of as yet. Mr. Raju further points out that the Tribunal below has allowed the impleadment of respondent Nos. 4 and 5 as respondents to the S.A. vide order dated 1.6.2012, but respondent No. 5 has filed an appeal before this Tribunal qua the impleadment of respondent No. 4, which is pending disposal and is listed for 10.7.2013. He submits that the interim order passed by the Tribunal below is continuing whereby the parties have been directed to maintain the status quo of the secured asset and because of the s order, the recovery of the amount of debt is stayed.

Mr. Gupta, though submitting that respondent Nos. 1 to 3 have no objection to the expeditious disposal of the S.A., takes this Tribunal to the facts of the case consideration whereupon does not appear to be necessary for the purposes of disposal of this application, as the Tribunal below is already seized with the matter and will consider all the relevant circumstances at the time of disposal of S.A. Mr. Gupta submits that since some complicated questions are involved for decision, therefore, it would not be appropriate to fix a definite time schedule for the disposal of the S.A.

Mr. Bansal and Mr. Relan, who represent to the third party/intending buyers of the secured asset, have also expressed their no objection to the expeditious disposal of the S.A. Although it has been pointed out that the appeal is pending disposal before this Tribunal.

Considering the submissions of the parties and looking to the fact that the S.A. is pending disposal since 2011, the Tribunal below is directed to make endeavour for expeditious disposal of the S.A., if possible, within four months from the date a copy of this order is placed before it. In case of facing any difficulty in disposal of the S.A. within the given time, it may approach this Tribunal for necessary direction. Application stands disposed of accordingly.

Copy of the order be furnished to the parties and a copy be sent to the DRT concerned forthwith.