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Judgment
This writ petition is filed to set aside the order dated 20.05. 2022 passed in I.A.No.530 of 2022 in S.A.No.75 of 2022 by the DRT-I, Hyderabad dismissing the petition for extension of time to comply with the order dated 12.04.2022 in I.A.No.294 of 2022 in S.A.No.75 of 2022 and consequently permit the petitioners to deposit the balance amount of Rs.1,20,000/- in compliance with the order dated 12.04.2022 made in I.A.No.294 of 2022 in S.A. No.75 of 2022 of the DRT-I Hyderabad within 15 days and direct the DRT-I, Hyderabad to adjudicate the S.A.No.75 of 2022 on merits and dispose the same.
Heard Sri V.V.Ramana, learned counsel for the petitioners and Sri Maripeddi Arun, learned counsel representing Sri N.V.Subbaraju, learned Standing counsel for respondent bank. With their consent, this writ petition is disposed of at the admission stage.
Perusal of record would reveal that the petitioners herein have filed Securitisation Application under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short ‘SARFAESI Act’) vide S.A.No.75 of 2022 challenging the possession notice dated 02.03.2022 issued under Section 13(4) of the SARFAESI Act. They have also filed an application seeking stay. Vide order dated 12.04.2022 in I.A.No.294 of 2022 in S.A.No.75 of 2022, the Debts Recovery Tribunal-I at Hyderabad granted stay on condition of petitioner depositing an amount of Rs.12,00,000/- in two installments. i.e. 1st installment of Rs.6,00,000/- within two weeks from the date of the said order and 2nd installment of Rs.6,00,000/- within two weeks, thereafter directly with the respondent bank. There is also a default clause. Thereafter, the petitioner herein sought extension of said period granted and vide docket order dated 26.04.2022, the Tribunal has extended the time till 06.05.2022.
Sri V.V.Ramana, learned counsel for the petitioners referring to statement of bank would submit that the petitioners herein have deposited 1st installment of Rs.6,00,000/- on 05.05.2022, Rs.4,00,000/- on 24.05.2022 and Rs.80,000/- on 25.05.2022 leaving balance of Rs.1,20,000/-. He seeks two weeks time from today to deposit the said amount. The application filed by the petitioners seeking extension of the said time was dismissed by the Debts Recovery Tribunal-I at Hyderabad vide order dated 20.05.2022 on the ground that the petitioners herein have not filed the an application seeking extension of time within the stipulated time i.e. before 06.05.2022.
In view of the above stated facts and circumstances and also considering the fact that the petitioners herein have deposited the 1st installment and also deposited Rs.4,80,000/-, the time granted by the Debts Recovery Tribunal-I at Hyderabad vide order dated 26.04.2022 is extended by two weeks from today to pay the balance amount. It is also made clear that if the petitioners fail to comply with this order, liberty is granted to the respondent bank to take steps in accordance with law and the stay granted by the Tribunal stands vacated automatically.
Accordingly, this Writ Petition is disposed of. However, there shall be no order as to costs.
As a sequel, miscellaneous applications pending, if any, in this Writ Petition, shall stand closed.