1. The Petitioners/Appellants have filed their main appeal under Section 17(1) of the SARFAESI Act, challenging the impugned possession notice dated 08.12.2021 issued by the Respondent Bank in respect of the secured asset for recovery of a sum of Rs. 5,69,51,534.26 (Rupees five crore sixty-nine lakh fifty-one thousand five hundred thirty-four and paise twenty-six only) and interest thereon from the Petitioners/Appellants.

2. Along with the main petition, the Petitioners/Appellants have filed the above Interlocutory Application No. 1989/2022 with affidavit, prays to stay the operation of the impugned possession notice dated 08.12.2021 issued by the Respondent under section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 read with Rule 8(1) of the Security Interest Enforcement Rules, 2002 and restrain the Respondent from taking any action pursuant to or further to the said notice, till the disposal of the main application, and pass such other orders as this Hon'ble Tribunal deems just and equitable, in the interest of justice and equity.

3. On going through the records filed in the present appeal and after hearing the arguments of the Learned Counsels appearing for both the parties, I am of the considered view that the Petitioners/Appellants have made out a prima facie case for grant of an interim order of stay. However, I am also of the considered view that the recovery of public money being of paramount importance, it is necessary to put the Petitioners on terms so as to ensure balance of convenience to both the parties, pending disposal of the appeal. Therefore, in the interest of justice and equity, I am inclined to grant an interim order. However, this interim order shall be subject to the Petitioners/Appellants complying with the following conditions:

ORDER

4(a) The operation of the impugned possession notice dated 08.12.2021 issued by the Respondent is hereby stayed subject to the condition that the Applicants shall pay a sum of Rs. 1,42,38,000/- within two months in two equal installments of Rs. 71,19,000/- (Rupees seventy-one lakh nineteen thousand only) on or before 02.09.2022 and another sum of Rs. 71,19,000/- (Rupees seventy-one lakh nineteen thousand only) on or before 03.10.2022 into the loan account with the Respondent.

(b) On the next date of hearing the Petitioners/Appellants shall file before this Tribunal, the proof of having made such payment as mentioned in clause 4(a) above, and

(c) If the Petitioners/Appellants fails to comply with the above conditions, this order would stand automatically vacated, in which event; Respondent is at liberty to proceed further in accordance with law.

5. Call this case on 11.10.2022 for reporting proper compliance of above conditions/objections.