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R. SUBRAMANIAN, N. SATHISH KUMAR
Om Muruga Traders – Appellant
Versus
Authorised Officer, Karur Vysya Bank Ltd. – Respondent
ORDER :
R. Subramanian, N. Sathish Kumar, JJ.
[PRAYER: Petition filed under Article 227 of the Constitution of India, against the order dated 18.02.2022 passed in I.A.No.1315 of 2021 in S.A.No.346 of 2021 on the file of the Debts Recovery Tribunal at Madurai.]
The challenge in this revision is to interim order passed by the Debts Recovery Tribunal, Madurai, dated 18.02.2022 made in I.A.No.1315 of 2021 in S.A.No.346 of 2021.
2. The challenge in the Sarfaesi Application was to the possession notice issued by the bank under the provisions of SARFAESI Act. The Debts Recovery Tribunal, Madurai, while granting stay of the auction, directed the petitioner to pay a sum of Rs.10,00,000/- in two equal instalments. The first instalment of Rs.5,00,000/- was directed to be paid on or before 18.03.2022 and the second instalment was directed to be paid on or before 15.04.2022. It is not in dispute that the petitioner has paid the first instalment of Rs.5,00,000/- on 17.03.2022 within the time stipulated by the Debts Recovery Tribunal.
3. It is the contention of the learned counsel for the petitioner that the condition imposed by the Debts Recovery Tribunal, is onerous and the Tribunal had not taken no
The discretion of the court in granting stay orders and the consideration of extenuating circumstances such as the impact of the pandemic on businesses.
The court dismissed the writ petition as the petitioner failed to comply with prior court orders, emphasizing obligations to meet financial conditions imposed by the Debts Recovery Tribunal.
The impact of communication from the bank on the actions of auction purchasers and the compliance with the Security Interest (Enforcement) Rules were central to the court's decision.
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