PNP 1 CAW2506-24.11.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION CIVIL APPLICATION NO.2506 OF 2011 IN WRIT PETITION NO.9384 OF 2011 International Asset Reconstruction Company Pvt. Ltd. ..Petitioner. versus State of Maharashtra and others ..Respondents. and S.D. Bhoskar & Co. and others ..Applicants. ..... Mr. Nitin Thakkar, Senior Advocate with Mr. Satish Shetye i/b Ms. Hemakshi. B. Gandhi for the Applicants. Mr. Venkatesh R. Dhond, Senior Advocate with Mr. Nikhil Rajani i/b V. Deshpande & Co. for the Respondents. ...... CORAM : DR.D.Y.CHANDRACHUD & A. A. SAYED, JJ. 24 November 2011. P.C. : 1. This Civil Application has been taken out for recalling an order dated 14 November 2011 passed by the Court in the original writ proceedings. By the order of this Court, the State of Maharashtra through the District Magistrate, Thane, Tahsildar, Thane and the Circle Officer, Belapur were directed to take steps forthwith to enforce an order passed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on 4 August 2010. The grievance of the original PNP 2 CAW2506-24.11.sxw Petitioner was that the order passed by the District Magistrate was not being enforced. 2. In the Civil Application which has been taken out by the principal borrowers it has been stated that the claim of the Bank of Baroda was originally decreed in the amount of Rs.1 Crore approximately together with interest at 15% per annum on 24 May 2006. The execution of the order of the Tribunal has been stayed conditional on a deposit of Rs.12.50 lacs, by the Debts Recovery Appellate Tribunal. Thereafter a notice was issued under Section 13(2) by the bank which has subsequently assigned the decree to the original Petitioner. On assignment the Petitioner sent a notice under Section 13(2) and filed an application before the District Magistrate under Section 14 which was allowed by an order dated 4 August 2010. The borrowers had taken out an application under Section 17 in order to challenge the action adopted under the Securitisation Act. The application under Section 17 was dismissed on 16 March 2011. The borrowers have filed an appeal which is pending before the Debts Recovery Appellate Tribunal. 3. Counsel appearing on behalf of the original Petitioner, International Asset Reconstruction Company Private Limited states that in order to enable the borrowers to move the Debts Recovery Appellate Tribunal for interlocutory relief and without prejudice to their rights and contentions, they shall hold the enforcement of the order under Section 14 in abeyance for a period of three weeks from today. The concerned authorities shall abide by this statement. Accordingly the order of this Court dated 14 November 2011 shall PNP 3 CAW2506-24.11.sxw take effect after the expiry of a period of three weeks from today unless in the meantime, any injunctive relief is granted by the Debts Recovery Appellate Tribunal. The Civil Application is accordingly disposed of. 4. We clarify that it would be for the Debts Recovery Appellate Tribunal to consider the merits of the rival submissions in determining whether any interim relief is warranted. (Dr. D.Y. Chandrachud, J.) (A. A. Sayed, J.)