Vidhata Flour Mill vs HDB FINANCIAL SERVICE LIMITED on 11 September 2023

**ORDER**

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

2. 2. The present Misc. Application has been filed by the Applicants for extension of time given by this Tribunal as per the order dated 03.05.2023 passed in S.A. No. 234 of 2023 in terms of the undertaking so filed by the Applicants in the said Misc. Application.

3. 3. Further, Ld. Counsel for the Applicants submitted that the Applicants have already deposited certain amount in terms of the said order dated 03.05.2023 passed in S.A. No.234/2023. It is submitted that the Applicants are ready and willing to deposit an amount of Rs.34,00,000/- today itself with the Respondent Bank in compliance of the said order dated 03.05.2023 passed in S.A. No.234/2023. Accordingly, the Respondent/FI may be restrained from proceeding further under the SARFAESI Act, 2002, since the Respondent/FI has already issued sale notice for conducting the auction on 19.09.2023.

4. 4. Ld. Counsel for the Applicants further submitted that since substantial amount has already been paid by the Applicants and very nominal amount remains outstanding in the loan account of the Applicants, it is submitted that appropriate order may be passed on the said additional affidavit so filed at Ex.A/7.

5. 5. Per contra, Ld. Counsel for the Respondent/FI has made endorsement on the said additional affidavit filed at Ex.A/7 and submitted that as per the instructions, the Applicants may deposit the agreed amount with the Respondent/FI within 24 hrs and remaining amount of Rs.4,32,500/- may /

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be paid on or before 25.09.2023. It is further submitted that on deposit of the entire agreed amount as stated above, the Respondent/FI shall restore the physical possession of the property in question and issue No-Dues Certificate in favour of the Applicants accordingly. Further, it is also submitted that the Respondent/FI shall defer the process of auction scheduled on 19.09.2023 for the property in question on payment of the entire agreed amount with the Respondent/FI.

1. 6. Further, Ld. Counsel for the Respondent/FI submitted that in view of the submissions made by the Ld. Counsel for the Applicants, he has no objections, if the Misc. Application may be disposed of as per the additional affidavit Ex.A/7 filed by the Applicants.

2. 7. Considering the submissions of Ld. Counsel for the parties and in view of the additional affidavit so filed on behalf of the Applicants at Ex.A/07 and with a view to facilitate recovery of public money, this Tribunal deem it proper to pass following order in the interest of justice;

ORDER

1. (a) The Applicants are directed to pay an amount of Rs.34.00 lakhs today itself with the Respondent/FI and further directed to pay an amount of Rs.4,32,500/- on or before 25.09.2023 with the Respondent/FI.

2. (b) Respondent/FI is directed to defer its action/measures under SARFAESI Act, 2002 till 25.09.2023 to enable the Applicants to comply with the order passed by this Tribunal, as stated above.

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

4. (d) On receipt of the agreed amount as state above, the Respondent/FI shall restore the physical possession of the property in question and also issue No-Dues Certificate in favour of the Applicants.

5. (e) The Applicants waive 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.

6. (f) No order as to costs.

7. (g) File be consigned to records.

(LAXMAN MADNANI) PRESIDING OFFICER DRT-II, AHMEDABAD