Debts Recovery Tribunals and Appellate Tribunals
Smt PEDDU MALLIKA vs CORPORATION BANK on 29 January 2020
IN THE DEBTS RECOVERY TRIBUNAL
VISAKHAPATNAM
Present :- SHRI DUPPALA VASUDEVA RAO,
PRESIDING OFFICER
Dated the 29<sup>th</sup> day of January, 2019
M.A. No. 41 of 2020
In
SA No. 265 of 2019
Between :
1. 1.Smt. Peddu Mallika, W/o Late Srinivsa Rao, D.No.40-25-19/6, Koganti Vari Street, Patamata Lakna, Vijayawada.
2. 2.Smt. L. Bhavani, W/o Sudhakar, D.No.59a-16-29/3, Bhadrayya Nagar, Near NTR Cricle, Patamata, Vijayawada.
3. 3.Smt. G Shobh, W/o G Ramanadha Babu, Flat No.101, Opp: BSNL Office, Surya Residency, Agraharam, Eluru.
4. 4.V. Subramanyeswara Rao, D.No.23A-3-38, Ramchandra Rao Peta, Eluru, West Godavari District.
5. 5.Smt. V Premalatha, W/o V Subramanyeswara Rao, D.No.23A-3-38, Ramchandra Rao Peta, Eluru, West Godavari District.
..... Applicants
And
1. 1. Corporation Bank, Main Branch, 12-11-67, Harper Square, RR Apparao Street, PB No.174, Vijayawada-520001, Vijayawada rep by its Authorised Officer.
2. 2. M/s. Integral Construction Company Pvt. Ltd., rep by its Managing Director, P. Sridhar, 54-20/6-17A, Ground Floor, House No.35, Second Lane, Kanaka Durga Gazetted Officers Colony, Vijayawada-520008.
3. 3. P Sridhar, S/o Seshagiri Rao, Managing Director, M/s. Integral Construction Company Pvt. Ltd., rep by its Managing Director, P. Sridhar, 54-20/6-17A, Ground Floor,
House No.35, Second Lane, Kanaka Durga Gazetted Officers Colony, Vijayawada-520008.
1. 4. P Seshagiri Rao, Director, M/s. Integral Construction Company Pvt. Ltd., rep by its Managing Director, P. Sridhar, 54-20/6-17A, Ground Floor, House No.35, Second Lane, Kanaka Durga Gazetted Officers Colony, Vijayawada-520008.
2. 5. Smt. P Seshamamba, W/o P Seshagiri Rao, 54-20/6-17A, Ground Floor, House No.35, Second Lane, Kanaka Durga Gazetted Officers Colony, Vijayawada-520008.
..... Respondents
<table border="0">
<tr>
<td>Ld Counsel for Applicants</td>
<td>- Sri S Nagesh Kumar &<br/>G Vijaya,</td>
</tr>
<tr>
<td>Ld Counsel for 1<sup>st</sup> Respondent</td>
<td>- Sri MSN Sarma &<br/>Sri S Appala Raju</td>
</tr>
</table>
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ORDER
This petition is filed by the Petitioners to extend the Orders passed in IA 2203/2019 for further period of 03 months from 03.02.2020 to 02.05.2020 in the interest of justice and equity or otherwise petitioners will be put to great loss and hardship.
2. According to the affidavit filed by the petitioners, petitioners filed filed IA 2203/2019 with a prayer to grant permission to put the schedule property under Private Treaty/Tripartite Agreement for sale and deposit the sale proceeds to the credit of OA 546/2019 on the file of this Tribunal and the first Respondent Bank has filed its Counter opposing the said prayer but this Tribunal after elaborate hearing allowed the IA.2203/2019 on 04.11.2019 permitting petitioners to sell IA Schedule property under Private Treaty/Tripartite Agreement for sale and deposit the sale proceeds to the credit of OA 546/2019 within a period of 3 months from the date of order in IA 2203/2019 and further submitted that petitioners were directed to take the intending purchaser to the first Respondent Bank and in consultation with the first Respondent Bank may proceed for sale of IA Schedule property under the Private Treaty and further submitted that this Tribunal directed the the first Respondent Bank not to take any action under the SARFAESI Act, 2002 against the IA. Schedule Property. Petitioners further submitted that the three months time will be completed by 03.02.2020 and petitioners further submitted that petitioners searching a good intending purchaser so as to get more amounts and to deposit to the credit of OA 546/2019 and further submitted that due to non delivery of the physical possession of the properties for inspection by the intending purchasers and due A handwritten signature in dark ink, appearing to be "D. Lee" or similar, with a long, sweeping stroke extending from the end of the signature towards the right.
to continuous agitations regarding shifting of State Capital from Amaravathi to Visakhapatnam, more number of purchasers are not readily available to purchase the property at good price. It is therefore prayed to extend the orders passed in IA 2203/2019 for the period of 03 months from 04.11.2019 to 03.02.2020, for a further period of three months i.e. upto 02.05.2020 in the best interests of justice.
3. Counter has been filed by the respondent bank denying the MA averments and further submitted that aggrieved by the Orders dt: 04.11.2019, respondent bank preferred an appeal before Hon'ble DRAT, Kolkata as such the matter is ceased by the Hon'ble DRAT, Kolkata and therefore keeping in view of the above, the present MA is not maintainable and prayed to dismiss the present MA.
4. The point for consideration is whether the petitioners are entitled for extending the Orders passed in IA 2203/2019 for further period of 03 months from 03.02.2020 to 02.05.2020 in the interest of justice as prayed for or not.
A handwritten signature in dark ink, appearing to be a stylized script, located at the bottom right of the page.
5. Heard both sides. Ld Counsel for petitioners prayed to allow the present petition and extend time to comply orders in IA 2203/2019. On the other hand, Ld Counsel for respondent bank argued to dismiss the the present petition. Counter has been filed by the respondent bank and submitted that respondent bank preferred appeal before Hon' ble DRAT, Kolkata and the same is pending before Hon'ble DRAT, Kolkata and except that nothing has been mentioned in the counter and no stay is granted by the Hon'ble DRAT, Kolkata in the matter. Petitioners herein prayed for extending time to comply orders in IA 2203/2019.
6. The reasons submitted by the petitioner that no intending purchaser is coming forward unless permitted for visit of the property is reasonable and sound proposition. Apart from it, due to agitation on capital issue no good number of purchasers coming forward.
7. Therefore, considering the facts and circumstances of the case, I am of opinion that this petition is to be allowed for complying orders in IA 2203/2019 by petitioners for two (02)
months w.e.f. 03.02.2020 to put the schedule property under Private Treaty/Tripartite Agreement for sale of IA schedule property and deposit the sale proceeds to the credit of OA 546/2019.
In the result, this petition is allowed and petitioners are granted time for further two more months from 03.02.2020 to 03.04.2020 for compliance of orders in IA 2203/2019 and petitioners are directed to bring intending purchasers before respondent bank and on such approach by petitioners to respondent bank, respondent bank is directed to permit inspection of the IA schedule property to intending purchasers so as to enable the intending purchasers to inspect/ verify the IA schedule property to quote reasonable price for the IA schedule property.
Each part do bear their costs.
Let the copy of the order be made available to the parties as per rules.
[Dictated to PS, transcribed by him and corrected and pronounced by me in the open court on this 29<sup>th</sup> day of January, 2020]
PRESIDING OFFICER DEBTS RECOVERY TRIBUNAL VISAKHAPATNAM