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2021 Supreme(Online)(MAD) 49805

HIGH COURT OF MADRAS
Hon`ble Mr Justice P. N. PRAKASH
M/s Varshini Equipments – Appellant
Versus
The General Manager Indian B – Respondent


ORDER

P.N.PRAKASH, J.

This contempt petition has been filed seeking to punish D.Sivasubramanian, the Authorised Officer of the 2nd respondent Bank for allegedly committing criminal contempt.

2. Admittedly, the petitioner had borrowed around a sum of Rs.92.80 lakhs as term loan and Rs.1.35 crores as working capital from the Indian Bank, Ram Nagar Branch, Coimbatore, sometime in the year 2010 and later, in the year 2013, the petitioner's account became a Non- Performing Asset (NPA) and recovery action was initiated by the bank against the petitioner under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity “the SARFAESI Act”).

3. The petitioner approached the Debt Recovery Tribunal-II (for brevity “the DRT-II”), Chennai, in S.A.No.240 of 2019 for certain reliefs against the bank.

4. The DRT-II, Chennai passed an order dated 02.07.2019, the operative portion of which, is the fulcrum of this contempt proceedings and the same reads as under:

“There shall be an interim stay of physical dispossession of the applicant from the application schedule mentioned property for a period of 30 days except by taking recourse to the procedur

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