Sanjib Banerjee, J. - (1.) The petitioner-company is represented by a Director, Sukanta Bhowmick, appearing in person. Mr. Bhowmick represents that he is one of the two Directors of the petitioner-company and he owns and controls 90 per cent of the paid-up capital of the petitioner-company and, for all practical purposes, is the owner of the business run through the instrumentality of the petitioner-company. According to Mr. Bhowmick, the only other Director of the petitionercompany is one Prabir Chakraborty, who is a salaried employee of the petitioner-company.
(2.) The opposite party-bank is represented by Mr. Rohit Swaroop, Chief Manager of the Upper Wood Street Branch of the IndusInd Bank Limited.
(3.) The petition arises out of proceedings instituted under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 upon the bank taking steps under such Act following the petitionercompany's failure to repay the loan obtained from the bank. By an order dated September 23, 2015, the Debts Recovery Tribunal-III, Kolkata found that the amount due from the petitioner to the opposite party-bank as at the date of the order was approximately Rs.90 lakh. The petitionercompany was directed to pay off 50 per cent of such amount within two months in instalments of Rs.25 lakh and 20 lakh, respectively. However, the order dated September 23, 2015 did not provide the mode and manner of payment of the balance amount and the parties were left free to arrive at some form of agreement in such regard. 3. It appears from the relevant order that the secured asset had been taken possession by the bank and the order directed the bank to make over possession of the secured asset to the petitioner herein upon the first tranche of Rs.25 lakh being deposited within a month of such order.;