MR. JUSTICE S. RAVINDRA BHAT (OPEN COURT)

C.M. No. 12074/2013 (for exemption from filing annexures)

Allowed, subject to all just exceptions.

W.P.(C), 5400/2013 & C.M. No. 12073/2013 (for stay)

1. Notice.

2. Mr. Karan Khanna, learned counsel for respondent accepts notice.

3. The petition can be heard and disposed off finally.

4. The petitioner’s property was the subject matter of notice and proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002 (SARFAESI) (hereinafter referred to as “the Act”), pursuant to which notice under Section 13 (2) of the Act was issued by Indian Overseas Bank (hereinafter referred to as “IOB”) in the present case.

5. The present case has a chequered history. Apparently, this Court had occasion to deal with the matter at another stage of the proceedings when in respect of the amount received from the Export Credit Guarantee Corporation of India Ltd. (ECGC), this Court clarified that the same would be treated as compliance to that extent with respect to the provisions for pre-deposit as a condition of hearing of the appeal. Consequently, this Court agreed that the amount received could