JUDGMENT

Petitioners have approached this Court, being aggrieved by the fact that proceedings are being initiated against the petitioners under the provisions of the SARFAESI Act, to take physical possession of the secured asset at the time when S.A. No.181 of 2022 along with interlocutory application are pending consideration before the Debts Recovery Tribunal-I, Ernakulam.

2. Learned counsel appearing for the petitioners submitted that when steps were initiated to take physical possession, the petitioner remitted Rs.25 lakhs in two instalments on 10.10.2022 and 11.10.2022. It is submitted that even after paying the aforesaid amounts, the respondent bank was not willing to wait till the matter is decided by the Debts Recovery Tribunal, before continuing with further proceedings initiated against the petitioner. It is submitted that the petitioners have a substantial case on merits and that the petitioners will put to serious prejudice, if proceedings are continued pending consideration of the matter before the Tribunal. It is submitted that the matter got delayed only on account of the delaying tactics adopted by the bank before the Tribunal.

3. Learned counsel appearing for the resp