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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 ..... Bank under the SARFAESI Act, has succeeded in preventing the Respondent No.1-Bank from proceeding in law against taking physical possession of secured assets by making representations before DRT and this Court with respect to its intention to clear the dues. However, as is evident from the proceedings of the DRT and the orders passed in this petition, the Petitioner has failed to avail the extension of time granted by the Court as well as the Respondent No.1-Bank. The prayer sought in this petition for seeking extension of time to make payments to Respondent No. 1, Bank stood satisfied with passing of the orders dated 13th September, 2022 and 25th May, 2023. However, the Petitioner having failed to avail the said extension of time is not en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he SARFAESI Act demanding an amount of Rs. 5,55,83,476.46/- along with interest from 01st June, 2021. The Petitioner filed an application bearing no. SA No. 208/2021 before DRT. In the meantime, Chief Metropolitan Magistrate (Central), Tis Hazari Courts, Delhi in MA No. 151/121 passed an order dated 17th December,2021 on an application filed by Respondent No. 1, Bank under Section 14 of the SARFAESI Act appointing Court Receivers and permitting the Respondent No.1-Bank to take over the physical possession of the secured asset. 3. The DRT initially vide order dated 04th February, 2022 dismissed the Petitioner s interim application seeking to injunct the Court Receiver from taking physical possession of secured assets. However, upon a further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h December, 2022. The order dated 13th September, reads as under : The hearing has been conducted through hybrid mode ( physical and virtual hearing ) . 1. The case was passed over for the learned counsel for the petitioner to obtain instructions. Having done so, the parties have agreed to the following : - i) The learned counsel for the petitioner states that a sum of Rs.25 lakhs shall be paid to the R-1/Bank in two instalments by 04.10.2022, as under : - a) Rs.10 lakhs will be paid on or before 30.09.2022 and; b) the remaining amount of Rs.15 lakhs will be paid on or before 04.10.2022. 2. The learned counsel for the petitioner submits that an endeavour will be made to pay another sum of Rs.3.65 crores within 60 days from today. 3. The pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undertaking dated 13th September, 2022 this Court permitted the Respondent No. 1, Bank to take possession of the secured assets. 7. The writ petition itself was dismissed in default for non-prosecution on 12th April, 2023. The Respondent No.1, Bank in accordance with provisions of the SARFAESI Act served the Petitioner with e-auction notice of the mortgage property scheduled for 25th May, 2023. In these facts, the Petitioner filed CM APPL. 27680/2023 praying for restoration of the writ petition. On 25 th May, 2023 the Petitioner gave a fresh undertaking that it would pay a sum of Rs. 10 lakhs on the same day and further pay a sum of Rs. 2.4 crores on or before 30th June, 2023. The Petitioner was directed to file a fresh affidavit in terms o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y off the entire amount of Rs.2.4 crores on or before 30.06.2023. He would also file an undertaking to this effect within two working days of receipt of this order. 10. The learned counsel for the Bank submits that this is only an interim arrangement; that along with interest, the Bank claims amounts exceeding Rs.5.5 crores, in terms of the notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The Bank has a charge on the properties of the petitioner. 11. In view of the petitioner having paid Rs.1.25 crores and handed-over cheques of a value of Rs.25 lacs, with a proposal to pay their amounts in terms of para 9 above, the time is extended till the next date. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ross violation of the undertakings dated 21st September, 2022 and 02nd June, 2023 filed in the present petition. Further, as noted above, the Petitioner was served with a demand notice dated 15th June, 2021 under Section 13(2) of the SARFAESI Act. However, the Petitioner despite having failed to point out any illegality in the actions taken by the Respondent No.1-Bank under the SARFAESI Act, has succeeded in preventing the Respondent No.1-Bank from proceeding in law against taking physical possession of secured assets by making representations before DRT and this Court with respect to its intention to clear the dues. However, as is evident from the proceedings of the DRT and the orders passed in this petition, the Petitioner has failed to a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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