THE HON’BLE SRI JUSTICE GHULAM MOHAMMED AND THEHON’BLE SRI JUSTICE G.CHANDRAIAH W.P.NO.27994 OF 2009 O R D E R (Per the Hon’ble Sri Justice Gulam Mohammed) Heard both the counsel. 2. Aggrieved by the demand notice dated 16.3.2009 issued under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the SARFAESI Act’) and the possession notice dated 17.6.2009 issued by the petitioners herein under Section 13(4) of the SARFAESI Act, the respondents filed S.A. No.217/2009 on the file of Debts Recovery Tribunal at Hyderabad under 17 of the SARFAESI Act. In the said S.A., the respondents filed I.A.No.841/2009 in S.A.No.217/2009 seeking stay of all further proceedings in pursuance of the possession notice dated 17.6.2009. By the impugned order dated 24.07.2009, the Tribunal granted conditional interim stay on deposit of certain amount. Challenging the same, the present writ petition is filed. 3. In this writ petition, the petitioners are mainly questioning the territorial jurisdiction of the Tribunal at Hyderabad in entertaining the securitization application, since the secured asset is situate at Delhi and the registered office of the petitioners is also at Delhi. 4. The present application is filed before the Tribunal under Section 17 of the SARFAESI Act and sub section 5 of Section 17 deals with disposal of the application. The said provision is as under: 17. Right to appeal. (1). . (2). . (3). . (4). . (5) Any application made under sub-section (1) shall be dealt with by the Debts Recovery Tribunal as expeditiously as possible and disposed of within sixty days from the date of such application: Provided that the Debts Recovery Tribunal may, from time to time, extend the said period for reasons to be recorded in writing, so, however, that the total period of pendency of the application with the Debts Recovery Tribunal, shall not exceed four months from the date of making of such application made under sub-section (1). (6). . (7). . 5. From a reading of the above provision it is clear that application filed under sub-section (1) has to be disposed of within a time frame of sixty days and the proviso to sub section 5, envisages that the time can be extended for the reasons to be recorded by the Tribunal in writing and however, the total period of pendency, shall not exceed four months from the date of making such an application under sub-section (1) of the Section 17. 6. The above statutory obligation has to be discharged by the functionaries within the time frame prescribed by the statue and in the present case, though the application is filed in the year 2009, the same is kept pending since long time. 7. In view of the above, without going into the merits of the case, we direct the Debts Recovery Tribunal, Hyderabad to dispose of the S.A.No.217 of 2009, in accordance with law, by considering all the issues, including that of maintainability, as expeditiously as possible, within a period of two months from the date of receipt of a copy of this order. 8. The writ petition is accordingly disposed of. No costs. -------------------------------------- GHULAM MOHAMMED,J -------------------------------------- G.CHANDRAIAH,J DATE:15.06.2010 AVS