9911796707
TMI Blog2011 (9) TMI 1260X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of India has been preferred against the impugned order dated 15.09.2011 contained as annexure nos. A-5 to the writ petition and the order passed by the appellate authority dated 23.03.2010. The petitioner has taken commercial loan from the respondent- bank. On account of default of payment of dues, recovery proceeding was initiated against the petitioner, in consequence thereof, the petitioner has approached the Debts Recovery Tribunal. It has been submitted that while deciding the application, the Tribunal from time to time passed the interim orders directing the petitioner to pay the dues in question in installment. However, finally, by the impugned order, the Tribunal provided that in case the highest bid of secured assets comes to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directed the Bank to release the property, which is Plot No.40, Sector 14 Kausambi, District Ghaziabad. If the amount is deposited by the appellant by tomorrow as directed today, the, on production of receipt of such deposit, the Bank shall release the said property. So far as another property is concerned, the District Magistrate/Collector Ghaziabad shall assist the Bank to take physical possession of the property, description of which is Plot No.518, G.T. Road, Near Pawan Cinema, District Ghaziabad and as directed by this Tribunal by an order dated 05.05.2011, the appellant will not raise any objection with regard to auction of the second property. Shri Gulshan Rai, Sri Manoj Jain and Smt. Suman Jain will not create any obstacle to the B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reby, whenever aggrieved party approach the Tribunal, constituted under the Act, then Tribunal may pass appropriate interim order to safeguard the rights of the parties and also proceed to decide the question raised by the parties in accordance to law expeditiously. Section 13 of the Act empowers the Bank to take action and proceed with the auction and sale of the property and action taken thereon, shall be appealable under Section 17 of the Act before the Tribunal. The order passed by the Debts Recovery Tribunal is appealable to the Appellate Tribunal under Section 18 of the Act. Section 17 deals with the procedure which should be followed by the Debts Recovery Tribunal while dealing with the petition filed before it by the aggrieved par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the secured creditor at the stage of communication of reasons to the borrower shall not entitle the person ( including borrower) to make an application to the Debts Recovery Tribunal under this sub-section.] [(2) The Debts Recovery Tribunal shall consider whether any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor for enforcement of security are in accordance with the provisions of this Act and the rules made thereunder. (3) If, the Debts Recovery Tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dency of the application with the Debts Recovery Tribunal, shall not exceed four months from the date of making such application made under sub-section (1). (6) If the application is not disposed of by the Debts Recovery Tribunal within the period of four months as specified in sub- section (5), any party to the application may make an application, in such form as may be prescribed, to the Appellate Tribunal for directing the Debts Recovery Tribunal for expeditious disposal of the application pending before the Debts Recovery Tribunal and the Appellate Tribunal and the Appellate Tribunal may, on such application, make an order for expeditious disposal of the pending application by the Debts Recovery Tribunal. (7) Save as otherwise pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also acted in a mechanical way and instead of directing the Debts Recovery Tribunal to decide the pending appeal filed under Section 17 of the Act on an early date, may be within a specified period, had disposed of the pending appeal filed under Section 18 of the Act permitting the respondents to proceed with the auction and sale with liberty to the appellant-petitioner to pay all the dues to the Bank before auction takes place. The Appellate Authority as well as the Appellate Tribunal have been failed to discharge their statutory duties conferred by Sections 17 & 18 of the Act. Needless to mention that in case the appeal filed under Section 17 of the Act before the Debts Recovery Tribunal or in appeal before the Appellate Tribunal are not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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