M/S Shivam Tea Co. And Others vs Authorised Officer on 9 September, 2009

             IN THE HIGH COURT OF PUNJAB AND HARYANA AT

                                CHANDIGARH


                                      Civil Writ Petition No.14012 of 2009
                                             Date of Decision: 09.09.2009



M/s Shivam Tea Co. and others
                                                                   Petitioners
                                   Versus

Authorised Officer, Vijaya Bank and others

                                                                 Respondents



CORAM:- HON'BLE MR. JUSTICE JASBIR SINGH

Present:     Mr.Ram Lal Gupta, Advocate for the petitioners

                          .....

Jasbir Singh, J.(Oral)

Against action initiated by the respondent-bank, under the

provisions of Securitization and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002, the petitioners have moved an

application before the Debt Recovery Tribunal at Chandigarh (in short, the

Tribunal).

Counsel states that initially, on an application moved, interim

order, staying further proceedings, was passed on 23.10.2008, in favour of

the petitioners, however, subsequent thereto, vide order dated 14.1.2009,

interim stay was not extended and the petitioners were directed to approach

the bank within seven days, for settlement. Liberty was granted to the

petitioners that in case of need, they can file a fresh application for interim

stay. Settlement with the bank did not materialize. The bank, in the

meantime, notified the mortgaged property for auction. The petitioners filed
Civil Writ Petition No.14012 of 2009 2

an application for pre-poning the date and also an application for grant of an

interim stay, however, despite requests made and adjourning the matter on

several dates, no order has been passed on application for interim stay.

Now the matter is listed before the Tribunal on 12.10.2009.

This writ petition is disposed of with a direction to the

Tribunal, to take up and decide application of the petitioners, for interim

stay, on the date fixed i.e. 12.10.2009. If any auction notice is issued again,

before 12.10.2009, the petitioners be at liberty to move an application for

preponing the date and the Tribunal will then prepone the date and hear the

matter expeditiously.

09.09.2009                                   (Jasbir Singh)
gk                                               Judge