SHREENATH WOOD INDUSTRIES AND ORS. Vs. STATE BANK OF INDIA AND ORS.
LAWS(DR)-2014-7-5
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on July 17,2014

Appellant
VERSUS
Respondents

JUDGEMENT

Ranjit Singh, J. (Chairperson) - (1.) THIS appeal is filed against the order passed by the Tribunal below whereby the Tribunal has permitted the Bank to publish sale notice once again for the entire unit as per the law. As per the appellants, this impugned order has been passed by reviewing the earlier order passed by the Tribunal on 13th April, 2012 vide which the Bank was permitted to first sell the movable properties listed in the inventory of goods after following the appropriate procedure including valuation of the property from the approved valuer. In the event of recovered amount from sale of movable property is found less than the outstanding amount, the Bank was given liberty to recover the balance amount from sale of other secured assets including immovable properties. The Bank had sought review of this order on the ground that the buyers were interested only in case the entire machinery is put to sale for which the Tribunal below passed the impugned order reviewing the earlier order. While issuing notice in this appeal, this Tribunal passed interim order that until then the sale of the secured assets pursuant to the sale notice dated 5.3.2013 shall not be confirmed. This interim order has continued.
(2.) MR . Saxena, today, would submit that though the notice amount is Rs. 1.95,27,960.50, but a sum of Rs. 1,48,29,129/ - has already been paid after selling one of the properties. The Counsel for the respondent would submit that the appellants are adopting this delaying tactics and after obtaining opportunities on number of occasions, they have failed to make any payment. Since the substantial amount apparently has been paid, as submitted before me, it may not be possible to construe that the appellants are not interested in discharging the entire liability. Rather, Mr. Saxena would submit that in case the amount due is calculated at the reasonable rate of interest, the appellants would be able to and willing to discharge the entire liability. Since the matter is pending adjudication before the Tribunal below, it would not be appropriate to determine the issues which ultimately have to be decided by the Tribunal below. Issue in regard to the rate of interest has also to be decided by the Tribunal below. The present appeal is accordingly disposed of with a direction that the interim order passed by this Tribunal shall continue during the disposal of the S.A. The Tribunal below will, however, make endeavour to dispose of the S.A. within a period of forty -five days from the date of receipt of copy of this order.;


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