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Judgment
The petitioners had availed huge amount as loan from the first respondent Co-operative Bank. It seems that arbitration proceedings were initiated by the bank which ultimately resulted in award. The liability as on today comes to around Rs.2,46,00,000/- (Rupees Two crore forty six lakhs only). The petitioners contends that they had not been served with a notice in the award proceedings. The petitioners only seeks a breathing time for preferring an appeal.
Having considered the limited prayer sought by the petitioners herein, I am inclined to grant sometime to enable to the petitioners to prefer the appeal, if they so choose. Accordingly, there will be an interim stay of coercive steps for a period of one months till 20.04.2021, on condition that the petitioners shall deposit a sum of Rs.5,00,000/- (Rupees Five lakhs only) each in two installments, first installment being on 20.04.2021. They shall deposit a sum of Rs.5,00,000/-(Rupees Five lakhs only) on or before 20.04.2021. Thereupon, the stay will continue till 20.05.2021.
If the first installment is not remitted, the stay will automatically get vacated without any further order on 20.04.2021 and the authority can proceed with the sale proceedings on the basis of Ext.P3 to Ext.P6 notice. If the first installment is remitted on 20.04.2021, stay will be extended till 20.05.2021 and thereafter the stay will not survive. In the meanwhile, the petitioners shall prefer the appeal. It is made clear that no extension will be granted for the remittance of the amount.
If for any reason, sale is conducted today, confirmation of the sale will stand deferred as above.
The writ petition itself is disposed of.