DATE
DESCRIPTION OF THE ORDER
SA 515/18
26/02/19 Pr: Ms.Tusi Saha, Adv. for the applicant Alongwith Shri.Khalid Ahmed, partner o Applicant No.l firm.
Shri.A.Bajpai, Adv. for the respondent. Matter taken up on the basis of urgent hearin application filed by the applicant alongwith an application for stay of auction scheduled to be held on 28-02-19. Replyto the main SA as well as IA seeking stay of auction, both have been filed today. The same are taken on record. The present SA has been filed on 19-12-18 assailing the demand notice and the possession notice if any. An application for condonation of delay at Page 25 of SA is pending consideration. Heard on the application for condonation of delay.
Counsel for the applicants submit that the applicants were never served with any possession Counsel for the bank, on the other hand,| submits that the applicants were served with the possession notice and the registered postal receipt have been annexed at Page 14 of reply and affixation and publication was also made, copy of which has also notice.
been annexed.
Duly considered submission. In the interest of justice, and in order to hear the matter on merits, the application
for condonation
of delay is allowed subject to deposit of Rs.2000/- with the Bharat Ke Veer Fund and Rs.500/- with DRT Bar Association. Counsel for applicants undertakes to deposit the cost during the course of the day and file the receipt. Applicationfor stay of auction scheduled on 28-02-19 is now taken up for consideration.
Counsel for the applicants submits that the| applicants are willing to clear the entire outstanding| dues of the bank if they are given some time.
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REMARK
DATE DESCRIPTION OF THE ORDER
Counsel for the bank, on being queried. sutbins that the outstanding dues of the bank as on 25-0--19 1s bout Rs.35 Lacs.
On being queried regarding his plan of repaynent, Shri.Khalid Ahmed submits that he shall deposit -5 of the total outstanding before 31-03-19 and shall clear the entire outstanding on or before 31-05-19. He also
submits that he is willing to withdraw all his issues
with regardto demand notice, possession notice or proceedings u/s 14 SARFAESI Act. In these circumstances, without going into the merits of the case, it is hereby directed that in case the applicants deposits Rs.08 Lacs on or before 31-03-19 and further deposits Rs.10 Lacs before 30-04-19 and clears the entire outstanding on or before 3 1-05-19, the bank shall not take any coercive steps against the applicants and in case bids are received in response to auction notice under challenge, the sale shall not be confirmed and the sale if any shall be subject to deposits in the manner as directed above. With these observations, the present SA stands fially disposed of.
Record be consigned to record room.,
(Brajesh K. Sinha)
Presiding Officer
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