DR. T.BHARATHAN v. THE PUBJAB NATIONAL BANK LTD

ANTONY DOMINIC, J-------------------W.P.(C).35348/2007--------------------Dated this the 29th day of November, 2007JUDGMENTProceedings were initiated against the petitioner under the Securitization and Reconstruction of FinancialAssets and Enforcement of Security Interest Act, 2002.The petitioner has filed an appeal before the DebtRecovery Tribunal, Eranakulam, as S.A.94/2007 in which he has filed Ext.P4 stay petition, seeking stay of further proceedings against the mortgaged property. It is also contended by the learned counsel for the petitioner that the case now stands posted on 7.1.2008. In the meanwhile, the Bank has proceeded with Ext.P6 notice inviting tenders for the property. It is now revealed by the counsel for the Bank that offers have already been received in response to Ext.P6.2.Taking into account the fact that appeal has been filed by the petitioner before the Debt Recovery Tribunalalong with the application for stay and the appeal itself now stands posted for 7.1.2008, it is only appropriate that W.P.(C).35348/20072further action pursuant to Ext.P6 notice inviting tenders be deferred until a decision is taken on the appeal. However, such an order can only be conditional and, therefore, I dispose of this writ petition directing that if the petitioner remits an amount of Rs.7,00,000/- with the respondent, Bank, within ten days from today, further proceedings pursuant to Ext.P6 will stand deferred till the disposal S.A.94/2007, by the DebtRecovery Tribunal. Thereafter, S.A.94/2007 shall betaken up and disposed of by the Tribunal, Eranakulam.ANTONY DOMINICJudgemrcs