Suresh Chandra Sharma v. India Sme Asset Reconstruction Company Limited And ORS.

$~50 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of Decision: 08.10.2018 + W.P.(C) 10715/2018 SURESH CHANDRA SHARMA ..... Petitioner Through:

Mr. Sanjeev Bhandari & Mr. Atul T.N., Advs.

versus INDIA SME ASSET RECONSTRUCTION COMPANY LIMITED AND ORS.

..... Respondents Through:

Mr. R.P. Agrawal with Mr. Sunny Verma, Advs. for R-1 Mr. O.P. Gaggar with Mr. Gautam Krishna, Advs. for R-5 Mr. Hashmat Nabi, Mr. Farah Naaz & Mr.Abhinav Thareja, Advs. for R-6

CORAM:

HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE V. KAMESWAR RAO

J U D G M E N T

RAJENDRA MENON, CJ (ORAL):

C.M.No.41754/2018 (exemption) Allowed, subject to all just exceptions.

W.P.(C) 10715/2018 & C.M. No.41753/2018 (Stay) 1.

Having heard the learned counsel for the parties at length, we allow this writ petition to the extent of modifying the interim protection granted by W.P.(C) 10715/2018 Page 1 of 2

the Debts Recovery Tribunal-III, Delhi in O.A. No. ...../2018 (Diary No.273 dated 17.09.2018) to the extent that amount of Rs.1 crore to be deposited as directed on 27.09.2018 shall be deposited in the following manner: (i) A sum of Rs.25 lac shall be deposited within a period of one week from today;

(ii) Rs.25 lac shall be deposited before 25.10.2018, the next date fixed before Debts Recovery Tribunal; and (iii) The remaining Rs.50 lac shall be deposited by 30.10.2018. 2.

Subject to the petitioner complying with the aforesaid directions, the interim protection shall continue to remain in operation. In case of default, the bank shall be free to proceed in the matter in accordance with law. Copy of the order be given dasti under the signature of the Court Master.

CHIEF JUSTICE V. KAMESWAR RAO, J OCTOBER 08, 2018/ns W.P.(C) 10715/2018 Page 2 of 2