VIBHABEN PANKAJBHAI VAGHASIYA ORS vs PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED on 8 May 2024

**ORDER**

1. 1. Today, this matter has come up for hearing.

2. 2. The present Misc. Application has been filed by the Applicant for extension of time given by this Tribunal in terms of order dated 08.12.2023 passed in S.A. No. 832 of 2023 in terms of the undertaking so filed by the Applicant in the present Misc. Application.

3. 3. Further, Ld. Counsel for the Applicant submitted that the Applicant has already deposited certain amount in terms of the said order dated 08.12.2023 passed in S.A. No. 832 of 2023. It is submitted that the Applicant was trying to sell certain movables; however the Auction Purchaser backed out and due to death of the husband of the Applicant, she could not arrange funds to be deposited in terms of the order dated 08.12.2023. It is submitted that the Applicant is still ready and willing to settle the matter amicably with the Respondent and accordingly, Applicant shall deposit an amount of Rs.20.00 Lakhs on or before the date of possession and further entire remaining amount within a period of two months from today. Accordingly, Id. Counsel for the Applicant has filed a purshis at Ex.A/9 in support of his submissions and submitted that the Respondent may be restrained from proceeding further under the SARFAESI Act, 2002 and appropriate order may be passed.

4. 4. Per contra, Ld. Counsel for the Respondent has made endorsement on the said purshis so filed by the Applicant at Ex.A/9 and submitted that as per the instructions, the Applicant may deposit the agreed amount with the Respondent on or before the date of possession and remaining outstanding

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dues within a period of two months from today. Further, it is submitted that in case of default, Respondent shall proceed further in the matter in accordance with law. Further, that in view of the submissions made by the Ld. Counsel for the Applicant, he has no objections, if the Misc. Application may be disposed of as per the purshis Ex.A/9 filed by the Applicants.

5. Considering the submissions of Ld. Counsel for the parties and in view of the purshis so filed on behalf of the Applicant at Ex.A/09 and endorsement made by the Ld. Counsel for the Respondent, further with a view to facilitate recovery of public money, this Tribunal deem it proper to pass following order in the interest of justice;

ORDER

- (a) The Applicant is directed to pay an amount of Rs.20.00 lakhs on or before the date of taking physical possession of the property in question with the Respondent and further directed to pay the remaining outstanding dues within a period of two months from today with the Respondent.

- (b) Respondent is directed to defer its action/measures under SARFAESI Act, 2002 to enable the Applicant to comply with the order passed by this Tribunal today, as stated above.

- (c) In case of default, Respondent will be at liberty to proceed under SARFAESI Act on the process already initiated by the Bank. The Applicant will not raise any objection to the said process in any manner, if initiated by the Respondent upon commission of default.

- (d) The Applicant waives their all grounds and objections taken in the present Misc. Application. Further, all pending IAs, if any, along with this Misc. Application, stands disposed of.

- (e) No order as to costs.

- (f) File be consigned to records.

**(LAXMAN MADNANI) PRESIDING OFFICER DRT-II, AHMEDABAD**