- (1.) Instant petition has been filed assailing communications dt. 14th & 19th August, 2008 (Ann.4 & 5) whereby respondent No. 3 (Tourism Finance Corporation Ltd. ("TFC") authorised its Officer Under Section 13(12) of Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 ("Act, 2002") for taking over possession of secured assets referred to in Ann.II to the demand notice dt. 08/01/2003 served on petitioner-Company either by himself or through agencies as deemed necessary Under Section 13(4) of Act, 2002. However, respondents took possession of properties through their authorised officer on 22/08/2008.
(2.) While issuing notices on 24/10/08, Coordinate Bench of this Court passed ex parte order ad infra: Meanwhile, operation of the office orders dated 14/08/08 (Ann.4) and 19/08/08 (Ann.5) shall remain stayed. Further, in case the petitioner submits the notorised undertaking within a period of fifteen days from today, for payment of Rs. 10 lacs (Rupees Ten lacs) per month for a period of one year, then the possession of the seized property shall be restored to the petitioner on depositing first instalment of Rs. 10 lacs. The subsequent eleven monthly instalments of Rs. 10 lacs shall be paid by the 15th of each month, failing which the interim order shall stand vacated automatically without reference to this Court.
(3.) Against interim order (supra), respondents straight away preferred Special Leave to Appeal (Civil)-26738/2008 before Apex Court. It appears that initially on 25/11/2008, the Apex Court directed both the parties to maintain status quo, which was made absolute while disposing of Civil Appeal No. 51/09 (arising out of SLP(C)-26738/08) alongwith Civil Appeal No. 49/09 (arising out of SLP(C)-5541/2006) filed by petitioner Company vide common order dt. 05/01/09 (Ann.1) and further requested this Court to hear out the parties and pass appropriate order as expeditiously as possible, preferably within a period of three weeks from the date of communication of this order.;