Heard Sri Alok Saxena, learned counsel for the petitioner.
In view of the order proposed to be passed in the present writ petition, notice to the respondents is dispensed with.
The petitioner, being aggrieved by the inaction of the respondent No.1 in not deciding the Securitisation Application No.244 of 2017 (M/s Kalyani Structures and Housing Pvt. Ltd. and another Vs. Deputy General Manager, Canara Bank and another) filed by respondent Nos.2 and 3 under Section 17 (1) of Securitisation and Reconstruction of the Financial Assets and Enforcement of Security Interest Act, 2002, has filed the present writ petition before this Court.
Submission of learned counsel for the petitioner is that under the Securitisation and Reconstruction of the Financial Assets and Enforcement of Security Interest Act, 2002, under Section 17 (5) it has been provided that any application made under sub Section (1) shall be dealt with by Debt Recovery Tribunal as expeditiously as possible and disposed of within sixty days from the date of such application. Further, it has been provided that the DRT may, from time to time, extend the said period for reasons to be recorded in writing, so, however, that the total period of pendency of the application with the DRT, shall not exceed four months from the date of making of such aplication made under sub-section (1).
He next submitted that the application was filed on 04.05.2017 and more than two years have passed. In spite of that, the matter is pending consideration before the respondent No.1 and no expeditious disposal has been made.
In view of the provisions referred herein above, the petitioner has made out a case for issuance of direction to the respondent No.1 to expedite the hearing of the case and to pass appropriate reasons and speaking order in accordance with law within a reasonable time.
Accordingly, this writ petition is finally disposed of with a direction to the respondent No.1 to expedite the hearing of the case and to decide the same finally within a period of three months from the date of production of a certified copy of this order.
Order Date :- 26.7.2019 Adarsh K Singh