- (1.) THIS civil revision petition is preferred against the order passed by the Debt Recovery Tribunal, Coimbatore on 16.10.2008 in I.A.No.1977 of 2008 in O.A.No,274 of 2004.) Animadverting upon the order dated 16.10.2008, passed by the Debt Recovery Tribunal, Coimbatore, in I.A.No.1977 of 2008 in O.A.No,274 of 2004, this civil revision petition is focussed.
(2.) HEARD both sides. The epitome and long and short of the case of the relevant facts which are absolutely necessary and germane for the disposal of this revision would run thus: The respondent initiated action under the SARFAESI Act and consequently O.A.No,274 of 2004 was filed by the respondent/applicant Bank. The revision petitioners/ defendants were set ex parte, whereupon, they filed I.A.No.1976 of 2008 for getting the delay of 478 days condoned in filing the I.A. For setting aside the ex parte proceedings and it was condoned subject to the condition that the petitioner should deposit a sum of Rs.5,00,000/- (Rupees five lakhs only) to the respondent Bank. Subsequently, the I.A.No. 1976 of 2008 under Order 39 Rule 13 has been taken up and that was allowed subject to the condition that a sum of Rs.10,00,000/- (Rupees ten lakhs only) should be deposited with the respondent/applicant. Inveighing such subsequent condition passed by the Debts Recovery Tribunal, this revision is focussed on various grounds. The learned counsel for the revision petitioners would develop his argument to the effect that at the first instance while condoning the delay, the Tribunal ordered a sum of Rs.5,00,000/- to be deposited with the respondent/applicant Bank and implicitly the revision petitioners obeyed it and complied with, however, the Tribunal was not justified in once again awarding a sum of Rs.10,00,000/- to be deposited with the respondent/ applicant Bank and at any rate, the sum of Rs.10,00,000/- ordered to be deposited by the petitioner is on the higher side and the petitioner could not deposit it also.
(3.) AT this juncture I would like to observe that the proceedings are initiated under the SARFAESI Act which is an Act by itself meant for speedy recovering of the dues from the debtors by the secured creditors and admittedly the claim of the respondent/applicant before the Tribunal was nearly to a tune of Rs.95,00,000/- (Rupees ninety five lakhs only) as stated by the learned counsel for the revision petitioners/defendants and in such a case, I am of the considered opinion that no reduction in the quantum of amount ordered to be paid by the tribunal is warranted. However, I am of the view that one week time granted for deposit by the Tribunal is too short and hence I would like to partly allow this civil revision petition by directing that the said sum of Rs.10,00,000/- (Rupees ten lakhs only) shall be deposited with the respondent Bank within a period of three months from the date of receipt of a copy of this order. Accordingly, this civil revision petition is allowed in part. No costs. Consequently, connected miscellaneous petition is closed.;