The petitioner is a Co-operative Bank aggrieved by the non consideration of a securitization application filed under the SARFAESI Act (for short 'the Act') before the Debt Recovery Tribunal, Ernakulam, numbered as S.A.104 of 2007. The said application was filed by the respondents herein on the Bank proceeding against them under the Act, challenging the quantification and the proceedings initiated. With respect to the facts it has to be noticed that Ext.P1 notice was issued on 09.10.2007 threatening possession of the mortgaged properties. The respondents herein then approached this Court with a writ petition which was disposed of by Ext.P2. In Ext.P2, the respondents were given time till 31.07.2007 to settle the liability under the One Time OP(DRT).465/12 2 Settlement Scheme offered by the Bank. It is submitted by the learned counsel for the petitioner that without settling the amounts as directed in Ext.P2 judgment, the respondents herein approached the DRT with a securitization application which is kept pending for all these years and now is posted to 24.07.2014. 2. It is pertinent that sub-section (24) of Section 19 of the Act speaks of expeditious disposal of applications filed under sub-section (1) of sub-section (2) of Section 19 and mandates consideration within 180 days from the date of receipt of the application. It is surprising that the aforesaid application has been kept pending in the DRT for so long interdicting the Bank from taking any proceedings for recovery of the loan amounts. In such circumstances, it is directed that on the production of a certified copy of this judgment OP(DRT).465/12 3 before the DRT by the petitioner, the DRT shall take up the matter positively on 24.07.2014, and in any event dispose of the same within four months from 24.07.2014.
Original petition allowed. Parties are directed to suffer their costs.
Sd/- K.VINOD CHANDRAN, Judge Mrcs //True Copy//