- (1.) : This application is at the instance of the appellants and is directed against the order dated July 9, 2013 passed by the Hon'ble Debts Recovery Appellate Tribunal, Kolkata in Appeal No.134 of 2012 thereby affirming the order dated August 17, 2012 passed by the Hon'ble Debts Recovery Tribunal-2 in-charge, Kolkata in Misc. (IA) No.287 of 2012 filed in S.A. No.266 of 2011. Being aggrieved, this application has been preferred.
(2.) Now, the question is whether the impugned order should be sustained.
(3.) Upon hearing the learned Counsel for the parties and on going through the materials on record, I find that the secured creditor has filed this application for recovery of the loan amount against the debtor under the provisions of SARFAESI Act, 2002. An amount of Rs.12 crores was sanctioned by the secured creditor in favour of the debtor/opposite party herein and out of the said amount, Rs.10.20 crores were disbursed and a sum of Rs.1.80 crores had been kept as security. Upon availing the loan, the debtor/opposite party herein did not repay the loan and as such, the secured creditor had to take steps for taking possession of the mortgaged property under the provisions of the SARFAESI Act, 2000. At the relevant time, the total dues of the creditor amounted to Rs.20.91 crores and for non-payment of the amount, the concerned Additional District Magistrate, South 24- Pargans fixed the date on August 17, 2012 for taking possession of the property in question and at that time the debtor took several pleas and a proceeding was lodged before the Debts Recovery Tribunal-II.;