JUDGMENT :

1. The present writ petition is filed praying for the following reliefs :-

“A. This Hon’ble Court be pleased to admit and allow the petition filed by the Petitioners.

B. This Hon’ble Court be pleased to quash and set-aside the impugned order dated 27/06/2022 passed by Ld. Debt Recovery Appellate Tribunal in Interlocutory Application No.217/2022 in Misc. Appeal Diary No. 434/2022 and be pleased to hold and declare that the discretionary powers so used by Ld. DRAT, Mumbai while disposing off waiver application being IA no. 217/2022 in Misc. Appeal Diary No. 434/2022 is unsustainable, irrational, not based on sound principles of equity and justice and the same is without consideration of aspects of undue hardship and financial hardships of Petitioners and consequently, be pleased to direct Ld. DRAT, Mumbai to exercised discretionary powers of waiver of pre-deposit to the extent of 25% of the outstanding amount due claimed in Demand Notice dated 07/07/2020 issued u/s. 13(2) of the Act and consequently, be pleased to hold and declare that upon payment of Rs.2Crores by Petitioners as a First Installment be treated as compliance of 25% of amount due claimed in Demand Notice as full compliance of Section 18(1) of SARFAESI Act, 2002 and be pleased to direct the Ld. DRAT, Mumbai to hold that Petitioners have complied with pre-condition of pre-deposit of Section 18(1) of SARFAESI Act, 2002 in toto and be pleased to Ld. DRAT, Mumbai to decide disposed off Misc. Appeal Diary No. 434/2022 in accordance with law without insisting Second Installment.

C. This Hon’ble Court be pleased to direct the Ld. Debt Recovery Appellate Tribunal to consider the amount of Rs.7,51,08,852.49 being outstanding amount as per the Demand Notice issued by the Respondent Bank u/s. 13(2) of the SARFAESI Act, 2002 as “amount of debt due” as per the provisions of Section 18(1) of the SARFAESI Act, 2002 for calculation of amount of pre-deposit.

D. Pending hearing and final disposal of this Petition, this Hon’ble Court be pleased to stay the execution, implementation and the operation of the impugned order dated 27/06/2022 passed by Ld. Debt Recovery Appellate Tribunal in |A No. 217/2022 in Appeal (Diary) No. 434/2022 and restrain Respondent Bank from taking any coercive measures under Securitisation Act in respect of the Secured Assets of the Petitioners in the Demand Notice dated 07/07/2020.

E. This Hon’ble Court be pleased to grant any other just and proper relief in the facts and circumstances of the case in the interest of justice and equity.”

2. The facts giving rise to filing of the present writ petition are as follows :-

2.1 The petitioner No.1 is the principal borrower, partnership firm and mortgagor. The petitioner Nos.2 to 6 are the partners and guarantors of the petitioner No.1, whereas the writ petitioner No.7 is the mortgagor and guarantor of petitioner No.1. The respondent is the Banking Institution. That the respondent Bank, at the request of the petitioner No.1, sanctioned and granted (1) Cash Credit facility of Rs.4,25,00,000/-, (2) Term Loan - I facility of Rs.1,45,00,000/-, (3) Term Loan - II facility of Rs.3,45,00,000/-, (4) Term Loan - III facility of Rs.53,55,000/-, (5) Term Loan - IV facility of Rs.19,81,176/-, (6) Term Loan - V facility of Rs.12,40,793/- and (7) Cheque Purchase facility of Rs.10,00,000/-, and thereby, sanctioned and granted total aggregate credit facilities to the tune of Rs.10,10,76,915/ to petitioner No.1 by way of various loan agreements. The petitioner No. 1 through its partners have signed and executed various loan and security documents in favour of the Respondent Bank as per the terms of sanction.

2.2 That the petitioners failed to repay the interest and installments in respect of their cash credit and term loan facilities as per the terms & conditions mentioned in the sanctioned letter and therefore, the respondent Bank classified the cash credit and term loan account of the petitioner No.1 as NPA on 30.03.2019.

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