ORDER

In this petition, the petitioners seek quashing of the impugned order dated 27.12.2023 passed in Crl.Misc.No.7731/2023 under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act') and for other reliefs.

2. Heard learned counsel for the petitioners and learned counsel for the respondent-Bank and perused the material on record.

3. Though several contentions have been urged by learned counsels for both the parties in respect of their respective claims, it is a matter of record that aggrieved by the order passed under Section 13(4) of the SARFAESI Act, the petitioners have already approached the Debt Recovery Tribunal (DRT), Bengaluru, in S.A.No.472/2023, in which the respondent-Bank has entered appearance and the same is pending adjudication. Further, in the present petition, on 05.04.2024, this Court passed the following order:

"Heard the learned counsel for petitioners.

Sri Vignesh Shetty, learned counsel accepts notice for the respondent – Bank.

Learned counsel for the petitioner to serve a copy of the petition papers upon Sri Vignesh Shetty learned counsel for the respondent, forthwith.

The petitioners are calling in question an order dated 27.12.2023, passed by the 31st Additional Chief Metropolitan Magistrate, Bengaluru, in Crl.Misc.No.7731/2023.

Learned counsel for the petitioners submits that substantial payment would be made to make the account regular, if reasonable time is granted.

Therefore, there shall be an interim order of stay of the order dated 27.12.2023 and all further proceedings taken pursuant to the said order, subject to the petitioners depositing Rs.50/- lakhs in equal installments, within a period of 12 weeks, from today.

In the event, the aforesaid amount is not paid, the interim order would stand vacated and would also run the risk of dismissal of the petition itself.

List the matter on 27.05.2024."

4. Learned counsel for the petitioners submits that the petitioners would comply with directions issued by this Court in the aforesaid interim order dated 05.04.2024 and deposit Rs.50 Lakhs within a period of twelve weeks from 05.04.2024 and the present petition may be disposed of directing the DRT to dispose of the proceedings in S.A.No.472/2023 filed by the petitioners, in accordance with law.

5. Per contra, learned counsel for the respondent-Bank submits that in the event the petitioners comply with the directions issued by this Court on 05.04.2024 and deposit a sum of Rs.50 Lakhs, the respondent-Bank has no objection for the DRT, Bengaluru, to be directed to dispose of S.A.No.472/2023, in accordance with law.

6. In view of the aforesaid facts and circumstances of the case and submissions made by learned counsel on both sides, I deem it just and appropriate to dispose of this petition directing the DRT, Bengaluru, to consider and pass appropriate orders in S.A.No.472/2023, which presently stands posted on 24.06.2024, in accordance with law. It is further directed that subject to compliance of the directions issued by this Court in interim order dated 05.04.2024 passed in the present petition as stated supra, the aforesaid interim order dated 05.04.2024 shall continue and remain in force and subsist between the parties till disposal of S.A.No.472/2023 by DRT, Bengaluru, in accordance with law.

Subject to the aforesaid directions, petition is disposed of.

All rival contentions of the parties are kept open and no opinion is expressed on the same.