1 Lgc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO.2028 OF 2010 M/s.Yash Enterprises and ors. : Petitioners versus Small Industries Development Bank of India and anr. : Respondents. Mr.Mukesh J Pabari for the Petitioner Mr.Sanjeev Punalkar for Respondent No.1. Mr. S R Nargolkar, GP, for Respondent No.2 CORAM : A M KHANWILKAR & R M SAVANT, JJ DATED : 19th March 2010 P.C. 1. This petition takes exception to the order passed by the Debts Recovery Appellate Tribunal dated 17 th February 2010 dismissing the appeal of the Petitioners on the ground of default in depositing the requisite amount of Rs.Thirty Five Lacs towards pre- deposit to entertain the appeal. 2 2. The learned counsel for the Petitioners submits that the Petitioners are more than willing to pay the entire dues as of today to the Bank, but they require three months time to do the needful as the Petitioners intend to dispose of some of the properties owned and possessed by them and deposit the sale proceeds thereof to settle the outstanding dues of the bank. We reject this submission of the Petitioners, as this reason is not a valid one to grant further time to the Petitioners to deposit the statutory amount. 3. We dispose of this Petition with limited indulgence to the Petitioners that the Bank will not take any precipitative steps for a period of four weeks from today. This is on the clear understanding and oral undertaking given through the counsel by the Petitioners that the mortgaged as well as other properties of the Petitioners will not be disposed of or dealt with by the Petitioners without giving prior intimation to the Bank and its approval in that behalf. Besides, if the Petitioners fail to pay the amount within the period of four weeks from today, it will be open 3 to the Bank to proceed against the concerned mortgaged properties in accordance with law. We make it clear that in the mean time it will be open to the Respondent-Bank to undertake the exercise of valuation of the mortgaged/hypothecated properties for which the Petitioners will extend necessary cooperation. 4. The Petition is disposed of in the above terms. (R M SAVANT, J.) (A M KHANWILKAR, J)