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Showing contexts for: FUNCTIONING OF DRT in Bhupinder Singh Sachdeva & Anr vs Bank Of India on 7 October, 2021Matching Fragments
4. The counsel for the petitioners contends that the petitioners are constrained to approach this Court by way of the present petition since the Debt Recovery Tribunal, Delhi (DRT)-3 has not been functioning. The counsel for the petitioners submits that he has filed the Securitisation Application (SA) under Section 17 of the Act before the DRT on 5th October, 2021 but the same could not come up for hearing on account of the DRT not functioning.
7. The present petition is being entertained only on account of the non- functioning of the DRT and the urgency of the relief sought. Therefore in the facts and circumstances of the case, it is directed that there shall be a stay on the Possession Notice dated 24th June, 2021 and the aforesaid undated notice, subject to the petitioners depositing a sum of Rs.50,00,000/- with the respondent Bank. The payment of the aforesaid amount of Rs.50,00,000/- shall be in the following manner: