- (1.) COUNSEL for the petitioner submitted that SARFAESIA Appeal No. 13 of 2009 has been preferred before Debts Recovery Tribunal, Ranchi against the notices issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, dated 20th February, 2009 and it is submitted by the counsel for the petitioner that alongwith SARFAESIA Appeal, the stay application dated 4th May, 2009 as well as the stay application dated 8th June, 2009 have been preferred. None of these applications has been decided so far and the petitioner is suffering irreparable loss by way of dispossession of the property in question and such other damages and therefore, suitable direction may be given to Debts Recovery Tribunal, Ranchi, so that either Appeal may be decided on day to day basis or the stay applications may be decided, from 6th of July, 2009 on day to day basis, as expeditiously as possible and without giving any adjournment.
(2.) I have heard counsel for the respondents, who has submitted that they have no much objection if a direction is given to Debts Recovery Tribunal, Ranchi for hearing of the aforesaid SARFAESIA Appeal on day to day basis. In view of the aforesaid submissions and looking to the controversy between the parties, I hereby direct Debts Recovery Tribunal, Ranchi to dispose of SARFAESIA Appeal, if possible, upon hearing the parties from 6th of July, 2009 on day to day basis or at least decide the stay applications preferred by the present petitioner in the aforesaid SARFAESIA Appeal No 13 of 2009, may be decided if possible, on 6th July, 2009 itself or if the hearing is prolonged on the next date of hearing, it will be fixed on immediately next day. The hearing shall be taken on day to day basis. Hearing shall be co -operated by both the parties and they shall not ask for any adjournment as assured by the counsel for both the sides. If the adjournment is asked, then matter cannot be decided on day to day basis hearing, but, looking to the assurance of both the parties, it is expected from Debts Recovery Tribunal, Ranchi that the matter shall be heard on 6th July, 2009 onwards on day to day basis either the whole Appeal shall be disposed of or at least stay applications shall be disposed of, without giving any unneccessary adjournment.
(3.) THE applicant of the interlocutory application being I.A. No. 1812 of 2009, has submitted that one more SARFAESIA Appeal No. 20 of 2009 has been filed and is pending, arising out of the same notice, before the same Debts Recovery Tribunal, Ranchi and therefore, I hereby, also direct Debts Recovery Tribunal, Ranchi, that SARFAESIA Appeal No. 13 of 2009 shall be heard alongwith SARFAESIA Appeal No. 20 of 2009 from 6th July, 2009 onwards on day to day basis, in the manner as stated hereinabove, without any adjournment.;