THE HON'BLE SRI JUSTICE GHULAM MOHAMMED AND THE HON’BLE SRI JUSTICE K.G.SHANKAR W.P.No.8727 of 2011 ORDER (per Sri Justice Ghulam Mohammed) Questioning the order of dismissal dated 28.02.2011, passed by the Debts Recovery Appellate Tribunal, Chennai (for short ‘the appellate Tribunal’) in R.A.S.A.No.141 of 2008, the petitioners filed the present writ petition. 2. Petitioner No.1 availed a loan for a sum of Rs.10,00,000/- from the respondents-Bank for the purpose of business and petitioner No.2 stood as guarantor. As he failed to repay the loan amount, the Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act’). Thereafter, the Bank issued sale notice on 10.01.2005 fixing the date of auction on 24.01.2005. The successful bidder in the auction paid the entire bid amount and the sale was also confirmed in his favour vide sale confirmation proceedings dated 24.01.2005. Challenging the sale notice dated 10.01.2005, the petitioners filed S.A.No.107 of 2005 before the Debts Recovery Tribunal, Visakhapatnam, which in turn, dismissed the same as not maintainable since the sale was confirmed. Aggrieved by the same, the petitioners filed R.A.S.A.No.141 of 2008 before the appellate Tribunal. The said appeal was dismissed for default by the order impugned. Hence, the petitioners filed the present writ petition. 3. Heard the learned counsel for the petitioners and the learned Standing Counsel for respondent Nos.2 and 3-Bank and Sri Ravi Kondaveeti, learned counsel for respondent Nos.5 and 6 and Sri P. Rajashekar, learned counsel for respondent No.7. 4. Learned counsel for the petitioners contended that pursuant to the interim orders passed by the appellate Tribunal, the petitioners have deposited a sum of Rs.5 lakhs. He submitted that after knowing about the order of dismissal for default, the petitioners filed M.A.No.327 of 2011 seeking restoration of the appeal, but the appellate Tribunal has not been taken up the said application. He further submitted that the respondents are trying to demolish the building for construction of a new building. He prays that a direction may be given to the appellate Tribunal to dispose of the said application. 5. This Court while ordering notice on 01.04.2011, directed the parties to maintain status quo as on that date and thereafter, the same was ordered to be continued until further orders. Respondent No.7 filed WVMP No.1487 of 2011 along with a counter affidavit. 6. Since it is represented that the petitioners have deposited a sum of Rs.5,00,000/-in compliance of the interim orders passed by the appellate Tribunal, we are of the considered view that an opportunity should be given to the petitioners to contest the matter on merits. In these circumstances, we direct the appellate Tribunal to dispose of M.A.No.327 of 2011, expeditiously, within a period of two weeks from the date of receipt of a copy of this order. Till such time, status quo order passed by this Court shall continue. 7. Subject to the above direction, the Writ Petition is disposed of. No costs. ______________________ GHULAM MOHAMMED, J _______________ K.G.SHANKAR, J Date:23.06.2011 Note: Issue CC by three days. (Bo) sj