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TMI Blog2024 (7) TMI 449X X X X Extracts X X X X X X X X Extracts X X X X ..... physical possession of the two immovable properties which are in name of the Petitioner herein ('secured assets') and from taking further proceedings in pursuance of the Notice issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act'). In addition, a direction is sought to stay the order dated 13th May, 2022 passed by Debt Recovery Tribunal - III ('DRT') in S.A. No. 208/21 wherein the DRT dismissed the application of the Petitioner seeking an interim order to restrain the Court Receiver from taking physical possession of the secured assets and praying for extension of time to pay the balance amount due and payable to the Respondent No.1-Bank. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e pre-deposit amount as required under Section 18 of the SARFAESI Act. Therefore, DRAT vide order dated 15th July, 2022 directed the Petitioner to make a pre-deposit of 50% of the remaining amount of Rs. 3,35,83,476.76/- and directed that the appeal will be heard after the said deposit. 5. In the aforesaid facts, the Petitioner without making the pre-deposit, approached this Court by way of the present writ petition. At the hearing dated 13th September, 2022, the Petitioner agreed to deposit a sum of Rs. 25 lakhs in two instalments by 04th October, 2022 and another sum of Rs. 3.65 crores within sixty days from the said order. The Petitioner was directed to file an undertaking in terms of the order, which was duly filed by him on 21st Septe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordinary process, approved courier, Speed Post, WhatsApp, e-mail, SMS, Signal, and other viable modes of electronic service as well. 6. The above noted arrangement has been recorded with the consent of the parties. 7. At joint request, re-notify on 19.12.2022." 6. The Petitioner paid the amount of Rs. 25 lakhs, however, it failed to make the payment of the sum of Rs. 3.65 crores. The aforesaid default was brought to the notice of this Court by the Respondent No.-Bank on 24th November, 2022, by CM APPL. No. 50792/2022 and seeking permission to take possession of the secured assets through the Court Receivers. This Court issued notice in the said application for the date fixed i.e., 19th December, 2022. The Petitioner failed to appear on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.3.9 crores within a time schedule specified therein, the petitioner has defaulted and has paid merely Rs.1.25 crores, therefore, the Bank would like to proceed with the matter. The Bank also does not have information as to what efforts have been made by the petitioner to sell off the property in Mumbai. 9. The learned Senior Advocate for the petitioner submits that to prove his bona fide, the petitioner is ready and willing to pay an amount of Rs.10 lacs as of today to the Bank by cheque bearing no.269903 dated 25.05.2023 drawn on Union Bank. The said cheque has been handed over to the learned counsel for the Bank. Another cheque of Rs.15 lacs bearing no.269905 dated 31.05.2023 drawn on Union Bank has also been handed over to the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. The Petitioner failed to make payment of Rs. 2.4 crores on or before 30th June, 2023. Thereafter, on 10th July, 2023 the Petitioner handed over to the Respondent, during Court proceedings, a cheque for the payment of the amount of Rs. 2.4 crores with a request that the same be presented for encashment on 20th August, 2023. The said cheque has since been dishonoured due to the 'insufficiency of funds'. 9. Learned counsel for the Respondent No.1-Bank states that upon notifying the Petitioner about the dishonour by a written notice, the Petitioner has issued a reply to the said Notice disputing its liability and has failed to make the payment of Rs. 2.4 crores. 10. Learned counsel for the Petitioner does not dispute the fact of dishonour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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