ORDER :

1. This Court passed the following order on 16.11.2022.

1. Heard learned Senior Advocate Mr. Percy Kavina with learned advocate Mr. Neel N. Shah for the petitioner and learned advocate Mr. A.S.Panesar for the respondent No.4-Bank.

2. Learned advocate for the petitioner has filed undertaking on affidavit on behalf of the petitioner which reads as under:

“I, Sandip N. Shah, director of the petitioner company herein, do hereby solemnly affirm and state that: 1. I state and submit the proposed plan to shift the students residing in the secured property as under:

a. That the petitioner has shortlisted the property in the name of Prayas Foundation located at village Tajpur of Sabarkantha District of about 25 kilometers away from the secured premise. Where the petitioner would be in the position to accommodate about 250 students by letting out 55-60 rooms. The petitioner would take around 10 days to negotiate the terms of lease with the owner of the proposed property, the petitioner would further take 10 days to clean the proposed premise and make it hygenic for the students to live in. the petitioner would take another 10 days to make the proposed premise to carry out repairing and maintenance work and 6 days to transfer the furniture from secured premise to this new premise and another 1 day to transfer 250 students by arranging necessary means of transportation. In all by the date 13/12/2022 the petitioner would be in the position to vacate the premises for this 250 students.

b. That to shift another 120 students to another potential premise namely Veundavan Arcade located at Raisan, Gandhinagar, the petitioner may take about 3 days to undertake documentation for lease purpose, whereafter the petitioner would take another 8 days to undergo repairing, maintenance and construction of new toilet facility for the students, and 15 days to construct and install new furniture. In all by 11/12/2022 the petitioner would be in the position to vacate the secured premise and handover the possession to the respondent Bank.

c. That to shift 80 students to Shrirang Plaza located at Radesan village in Gandhinagar, the petitioner would take 7 days to undertake documentation for lease, after which the petitioner would take about 10 days to undergo construction of toilet facility for students and carry out repairing and maintenance of the proposed premise. Further 7 days to shift and construct and install new furniture and then the petitioner would undertake to shift 80 students which would take another 1 day. In all by the date 10/12/2022 the petitioner would be in a position to complete the process. To prove the bona-fides, the petitioner has initiated the process of shifting by making the payment to Shrirangrang Organizers for the scheme Shrirang Plaza to an amount of Rs. 4,94,000 towards the deposit, to relocate the students.

d. That the petitioner is yet in search for location for the accommodation for the remaining students.

e. Over and above the petitioner has to undertake to arrange for mess facility in all the above tentative locations.

f. In all even if the petitioner begins to undertake the necessary steps from 15/11/2022, the petitioner would be in the position to accommodate few students by the date 13/12/2022 only.

g. The petitioner is bound by its agreement with the IIIT to provide for the wellbeing of the students, for which the petitioner has to shift furniture, make necessary hygiene facilities to the newly located premise, repair and reconstruct the new premise if the need then only the petitioner can shift the students.

h. The petitioner submits that the petitioner will vacate the secured premise on the date 13/12/2022.

i. The petitioner submits that if the petitioner is in the position to vacate the secured premise prior to the date specified, the petitioner at his own cost is ready and willing to inform the respondent bank to take over the physical possession of the secured premise.”

3. In view of the above undertaking, learned advoc