Smt.Kalpana Masur V/S KSFC and anr

A.IR:914/2009


Record of proceedings on 5.10.2012 in  IA 41/2012(waiver): 

 Ld. Counsel Shri K.A.Ramakrishnanappearing on behalf of the petitioner stated that the petitioner has complied with the conditional order of this Tribunal and also obeyed the order of theHon’ble High Court of Karnataka and that the respondent bank has issued a fresh sale notice and that in view of the pendency of this IA and that in view of the  compliance of the conditional order of this Tribunal and the order of the Hon’ble High Court of Karnataka the bank should be restrained from proceeding further with the sale.  Ld. Counsel prayed that interim order may be passed restraining the Authorized officer from proceeding further under the provisions of the SARFAESI Act. 

Ld. Counsel ShriBalasburamaniam appearing on behalf of the respondent bank stated that nothing survives in this matter and that the petitioner did not comply with the conditional order of this Tribunal dt 26.3.2010 and that the Hon’bleHigh Court of Karnataka was pleased to quash the sale notice dt20.3.2010 and that this petition warrants only a dismissal as the petitioner has not complied with the conditional order dt23.10.2010. Heard both sides.

 It is seen that this Tribunal by order dt26.3.2010 in IA No.41/2010 in AIR No.914/2009 directed the petitioner to deposit a sum of Rs.7.00 lakhsinto this Tribunal on or before 29.3.2010 and a further deposit of Rs.30.00 lakhs into this Tribunal on or befoe29.4.2010. 

 It is also seen that the petitioner has deposited Rs.7.00lakhs on 29.3.2010 and that thereafter the petitioner approached the Hon’bleHigh Court of Karnataka and that the Hon’bleHigh Court of Karnataka by order dt 30.3.2010 in WP No.10632/10 directed the petitioner to pay a sum of Rs.5.00lakhs into this Tribunal within 8 weeks and that the petitioner accordingly deposited the said amount of Rs.5.00 lakhs into this tribunal.  

It is further seen that later theHon’ble High Court of Karnataka was pleased to allow WP No.10632/2010 and quashed the sale noticedt 20.3.2010.    It is also seen that the petitioner has not complied with the conditional order of this Tribunal dt26.3.2010  and that theHon’ble High Court of Karnataka was also pleased not to stay the said order of this Tribunal.  Therefore in view of the fact that the conditional order passed in this IA on 26.3.2010 has not been complied with by the petitioner this tribunal is driven to dismiss this IA. 

 Accordingly this IA is dismissed for non compliance of the conditional order of this Tribunal dt 26.3.2010.  It is further directed that the Registry shall send whatever sums of money that have been deposited into this Tribunal in this case along with accrued interest to the first respondent viz. the KSFC on or before 6.11.2012 for appropriation into the loan account of the petitioner. IA 42/2010 (stay);  IA 41/2010 is dismissed.

  Hence this IA is also dismissed. IA 1011/2012(stay); R2 has been given up.   R1 has filed its counter. However IA 41/2010 is dismissed for non compliance of the conditional order dt26.3.2010.  Hence this IA is also dismissed.

The above Order was passed by the Hon''ble Chair Person of DRAT ,Chennai on5th Oct 2012