Kesri Printers Limited vs District Magistrate on 23 March, 2023

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Gujarat High Court

Kesri Printers Limited vs District Magistrate on 23 March, 2023

Bench: Sangeeta K. Vishen

     C/SCA/5165/2023                                         ORDER DATED: 23/03/2023




           IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

              R/SPECIAL CIVIL APPLICATION NO. 5165 of 2023

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                          KESRI PRINTERS LIMITED
                                  Versus
                           DISTRICT MAGISTRATE
==========================================================
Appearance:
MR DHRUV TOLIYA(9249) for the Petitioner(s) No. 1,2
MR SIDDHARTH RAMI, AGP for the Respondent No. 1
MR VISHAL SHUKLA, for the Respondent No. 3
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 CORAM:HONOURABLE MS. JUSTICE SANGEETA K. VISHEN
                  Date : 23/03/2023
                   ORAL ORDER

Mr Dhruv Toliya, learned advocate appearing for the petitioners submitted that the Debt Recovery Tribunal-1, Ahmedabad (hereinafter referred to as 'the Tribunal') has passed an order dated 07.02.2023 whereby, considering the submissions for both the parties, so also the fact that the disputed property being residential, where the applicants - petitioners are residing, the Tribunal, thought it fit to direct the applicants - petitioners to deposit Rs.20 lakh within 7 days along with revised One Time Settlement (hereinafter referred to as 'OTS') proposal, if any. The Tribunal, also directed that if the amount is deposited by the applicants - petitioners, the respondent - bank shall defer taking physical possession of disputed property on 10.02.2023.

2. It is submitted that the Tribunal, has further directed that if the said direction, is not complied with and any default, if committed, the respondent - bank, shall be at liberty to proceed further in accordance with law to take physical possession of the disputed property.

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C/SCA/5165/2023 ORDER DATED: 23/03/2023

3. It is submitted that the amount, so directed, has been deposited on 13.02.2023 together with OTS proposal of Rs.65 lakh. It is submitted that the total OTS amount offered, was Rs.85 lakh. It is submitted that though there was a direction, now the respondent

- bank, has issued the notice dated 14.03.2023, fixing 24.03.2023 as the date for taking the physical possession of the secured assets. It is submitted that on one hand, the Tribunal is not available and on the other hand, the respondent bank, is proceeding to take the possession. If the petitioners, are not able to get any order, the application before the Tribunal, would be rendered infructuous.

5. As against this Mr. Vishal Shukla, learned advocate appearing for the respondent - bank, has vehemently opposed the petition. It is urged that the conduct of the petitioners, does not inspire confidence inasmuch as, the said OTS proposal, has been submitted by the petitioners since December, 2022. Earlier also, the proposal was refused inasmuch as, as against the total dues of Rs.2,79,49,730/-, OTS offered, is for a meagre amount of Rs.80 lakh.

6. It is submitted that the petitioners, have never offered any amount, which can be accepted towards the OTS. It is further submitted that even the petitioners, were offered a meeting to be convened; however, they, chose not to remain present. It is urged that if the petitioners, are desirous of having a meeting, that can be scheduled today itself, telephonically, at 4.30 p.m., so as to see that, a fair OTS proposal is submitted by the petitioners.

7. To which, Mr Dhruv Tolia, learned advocate states the petitioners, shall join the meeting telephonically at 4.30 p.m. It is however, urged that some breathing time be accorded to the Page 2 of 3 Downloaded on : Thu Mar 23 20:49:00 IST 2023 C/SCA/5165/2023 ORDER DATED: 23/03/2023 petitioners, so that if the OTS proposal is not accepted, then atleast, the Securitization Application, is heard by the Tribunal. It is submitted that attempts, shall be put to see that the application is heard at the earliest and not later than 27.03.2023.

9. Mr Vishal Shukla, learned advocate states that if the application, is not heard on or before 27.03.2023, the bank, shall proceed to take the possession of the property, strictly in accordance with law.

10. Let the petitioners, join the meeting, telephonically, today at 4.30 p.m., exploring the possibility of OTS. Also, see to it that the application before the Tribunal, is heard at the earliest and not later than 27.03.2023. The bank, shall adhere to the statement made, and recorded in above-referred paragraph 9.

11. The petition, stands disposed of with the aforesaid direction. No order as to costs.

(SANGEETA K. VISHEN,J) BINOY B PILLAI Page 3 of 3 Downloaded on : Thu Mar 23 20:49:00 IST 2023

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