(Order of the Court was made by S.J.MUKHOPADHAYA, J.) The Writ Petition was preferred by the petitioner for a direction to the third respondent to take up the appeal filed by the petitioner and others, pending in I.N.No.534 of 2009.
2. When the case was taken up, it was brought to the notice of the Court that when the petitioner/M/s.Devi Agencies moved the Debts Recovery Tribunal-III, Chennai in S.A.No.91 of 2009, the said Tribunal, by order dated 10.07.2009, noticed the submissions of the petitioner that the petitioner has agreed to pay the total dues with simple interest at the rate of 15% p.a. from 01.05.2009. The respondent Bank having agreed to the said submissions, the Tribunal has passed the following consent order :
4. After hearing both the sides for payment of the dues by the applicant as contended by him and as per the memo filed, the following arrangement for payment of the dues within the time frame fixed is recorded hereunder:-
(i) The applicants permit the respondent bank to appropriate the sum of Rs.10 lakhs lying "no lien" account to the loan account of the applicants today against the present dues i.e., Rs.62,37,270.50p and after the said sum of Rs.10 lakhs are adjusted the applicants should pay the balance amount of Rs.52,37.270.50p as under:-
(ii) 25% of Rs.25,37,270.50p on or before 15.07.2009 i.e., the date of sale fixed in the sale notice dated 10.06.2009.
(iii) 25% of the balance amount on or before 14.08.2009 together with costs incurred by the respondent bank towards publication of statutory notices (on the respondent bank's furnishing the details of expenditure incurred by the bank within a week).
(iv) 25% of the balance amount due together with interest (on reducing balance @ 15% simple interest calculated from 01.05.2009 to 30.10.2009) is payable in two instalments i.e., 12.5% of the amount on or before 30.09.2009 and the balance 12.5% of the balance amount on or before 30.10.2009.
The counsel for the respondent bank, who is briefed by the Authorised officer, who is present in the Court did not make any objections for the above said arrangement of the payment of the dues. Hence, the respondent bank has to stay further action in pursuance of the sale notice dated 10.06.2009. However, the stay order shall be in operation subject to the above terms.
All the above mentioned payments from (i) to (iv) to be made in the loan account of the Applicant with the Respondent Bank directly and file proof thereof. This order is passed on the memo filed by the counsel for the applicants and the counsel for the applicants also agreed to the above arrangement while dictating the order.
5. In the event of payment of amount as stated in sub para (i) to (ii) of para 4, by the applicants, the stay continues further until the next payment mentioned para 4(iii) and on compliance of the condition mentioned in para 4(iii), the stay continues upto 30.09.2009 and thereafter upto 30.10.2009. No extension of time for compliance of the conditional order shall be granted for any reason whatsoever. In the event of non compliance of any one of the conditions stipulated in para 4(i) to (iv) above, the interim stay shall stand automatically vacated without there being any need to pass further orders and the respondent bank is entitled to take further action to sell the secured asset according to law known to them."
3. Against the said order, the petitioner is stated to have preferred an appeal before the Debts Recovery Tribunal No.III, Chennai in I.N.No.534 of 2009. The Debts Recovery Tribunal, Chennai is not functioning in the absence of the Chairperson, and hence, the present Writ Petition was preferred by the petitioner to dispose of the said appeal.
4. When the learned counsel for the appellant was confronted as to how an appeal is maintainable against the consent order, it was agreed that the appeal is not maintainable against the consent order and in this background, the petitioner has agreed to pay the total amount in terms with the order dated 10.07.2009, passed by the Debts Recovery Tribunal in S.A.No.91 of 2009.
5. The learned counsel for the petitioner brought to the notice of this Court that in view of the interim order of the Tribunal, the petitioner has deposited certain amount and he has also filed a calculation chart showing the amount paid and the amount due to the bank in terms of the order passed by the Debts Recovery Tribunal including the amount to which they are entitled to pay towards interest.
6. The chart showing the calculation which is as follows:-
7. A separate affidavit has been filed by the petitioner asking further four weeks time to pay the entire amount due as per the above said calculation.
8. The learned counsel appearing on behalf of the Bank did not dispute the quantum shown in the calculation and the fact that the amount as shown in the typed set has already been deposited and also accepted the quantum of amount due to be paid as shown in the calculation. He only prayed that some more amount should be ordered to be deposited towards publication of statutory notices etc.
9. We have heard the learned counsel on behalf of the parties and perused the records.
10. Having taken into consideration the fact that the petitioner agreed to pay the amount in terms of the order passed, as ordered by the Debts Recovery Tribunal, Chennai dated 10.07.2009 and that a sum of Rs.40,26,584/- has already been deposited by the petitioner during the pendency of the case to show up his bona-fide, we allow the petitioner to deposit the amount of Rs.22,76,158/- on or before 15.12.2009. If the amount is deposited as per the order passed by the Tribunal as stated above by the petitioner, the Tribunal may close the case pending before it, if total amount stands satisfied. However, we will make it clear that as we have not allowed any other costs, the Tribunal will not insist on the payment of cost of publication.
11. So far as the amount of Rs.10,00,000/- already deposited with the bank and kept in 'no lien' account, is concerned, the Bank may adjust the said amount towards the dues of the petitioner.
The Writ Petition stands disposed of with the above said observation. Consequently, the connected Miscellaneous Petition is closed. There shall be no orders as to costs.
mf/dp To
1.The Authorised Officer, Indian Bank, Circle Office, Moopanar Arcade, Besant Road, Kumbakonam.
2.The Debts Recovery Tribunal-III, Spencer Towers, Mount Road, Chennai-2.
3.The Debts Recovery Appellate Tribunal, IV Floor, Indian Bank Circle Office, No.55, Ethiraj Salai, Chennai 8