Arya Enterprises Vs Canara Bank (DRAT Chennai)
In the appeal before the DRAT, the appellant challenged the order of the lower tribunal (DRT) declining interim relief in a securitization matter. The appellant had previously deposited Rs. 7.00 lakhs before the Appellate Tribunal in an earlier appeal, which had directed the lower tribunal to decide the pending interim application promptly. During the pendency, the respondent bank issued a notice for taking physical possession of the property in question. The appellant expressed readiness to deposit an additional Rs. 2.00 lakhs within 10 days to demonstrate bona fide compliance.
The DRAT directed that, pending disposal of the securitization application or within three months from the date of production of the certified copy of the order (whichever was earlier), the status quo regarding the property should be maintained. The lower tribunal was instructed to decide the pending application expeditiously. The DRAT clarified that if the appellant failed to deposit the Rs. 2.00 lakhs within the stipulated period, the bank was free to take physical possession in accordance with law. The appeal was disposed of finally on these terms.
FULL TEXT OF THE ORDER OF DRATCHENNAI
On a mention being made by the learned counsel for the appellant, this case has been taken up today.
