Sanjay Kishan Kaul, J.

The petitioner before us has tried every trick of the trade and outside the trade to delay recovery proceedings on having defaulted in repayment of loan. The present proceeding is one more in this direction. The petitioner, as borrower, failed to adhere to the financial discipline resulting in recovery proceedings being initiated by the Central Bank of India, the lending bank, before the Debts Recovery Tribunal, Chandigarh as O.A. No. 680 of 2002 for recovering a sum of Rs. 4,62,68,716.97/- alongwith interest and costs. In the meantime, in view of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act; 2002 (hereinafter referred to as the "SARFESI Act") having come into force, recourse to the provisions of Section 13 of the said Act was taken by the bank. Post issuance of notice u/s 13(2) of the said Act, objections being filed and the notice being issued u/s 13(4) of the said Act, the petitioner filed S.A. No. 112 of 2010 u/s 17 of the said Act.

2. In the SA, on 18.11.2009, after hearing both the parties, it was directed that "there shall be a stay of all further proceedings of the 1st respondent under the