Heard the learned counsel Sri.Sadiq N Goodwala for the

petitioners, learned counsel Sri. Shivasai M Patil for

respondent No.1 and Sri.Ram P Ghorpade, learned counsel

for respondent No.2 and perused the writ petition papers

along with statement of objections filed by respondent

No.1/Bank.

2.

The petitioners were before the Debts Recovery

Appellate Tribunal, Chennai (for short, 'DRAT') in AIR

No.274/2022 challenging the order dated 18.07.2022 in SA

No.91/2021 and 173/2022 passed by the Debts Recovery

Tribunal, Bengaluru. IA No.354/2022 was filed by the

petitioners praying to exempt from making any deposit as

contemplated under Section 18(1) of the Securitization and

Reconstruction of Financial Assets and Enforcement of

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Security Interest Act, 2002 (for short, 'SARFAESI Act'). On

the said application, DRAT passed order on 17.04.2023

directing the petitioners herein to deposit a sum of

Rs.1,97,29,181/- within two weeks from the said date i.e. on

or before 1.5.2023, failing which, it observed that appeal

stands dismissed. Challenging the said order, present writ

petition is filed.

3.

Taking note of submission of learned Senior

Counsel appearing on behalf of the petitioners t