Rajeshwari Vs PNB Housing Finance Limited (DRAT Chennai)
The appeal before the Debt Recovery Appellate Tribunal, Chennai challenged an interim order dated 07.08.2023 passed by the Debt Recovery Tribunal, Coimbatore in an application seeking condonation of a 41-day delay in filing a securitisation application. The appellant had filed the securitisation application against an order of the Chief Judicial Magistrate, Tiruppur, passed on a petition under Section 14 of the SARFAESI Act, 2002.
When the delay condonation application was heard, the appellant offered to pay ₹20 lakhs to the respondent bank within two weeks. The respondent bank initially objected, pointing out that the appellant had earlier approached the High Court of Madras, which had imposed a condition to deposit ₹20 lakhs, but the appellant failed to comply and instead approached the Tribunal. It was also submitted that an amount of ₹52,52,405.46 was due as on 04.08.2023 and remained unrecovered. However, since the appellant voluntarily offered to pay ₹20 lakhs, the bank expressed no objection to condonation of delay. The Presiding Officer of the DRT allowed the delay condonation subject to payment of ₹20 lakhs and directed numbering of the securitisation application upon proof of payment. This conditional order was challenged in the present appeal.
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