2020 (2) TMI 1411

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....f the Bank, another property being not subject matter of mortgage has already been sold for an amount of Rs. 9.5 crores. The petitioner is willing to compromise with the matter and seeks one month time to pay the balance amount.  Post this matter after one month with a rider that the interim order is extended in case the petitioner pays another amount of Rs. 50 lakhs. It is made clear that in case the payment is not made, the interim stay granted by this Court shall deem to be vacated." 2. Short facts leading to the appeal is hereunder:  The appellants are the respondents and respondent is the petitioner in WPC No. 1179/2020. The respondent had approached this Hon'ble Court seeking installment facility to pay off the enti....

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.... for by the respondent in the writ petition was to grant time up to 15.2.2020 to wipe out the entire liability due to the bank. The present interim order granted by the learned single judge by keeping the writ petition pending has virtually granted a relief to the respondent over and above the relief which is prayed for by the respondent in the writ petition itself.  4. It is submitted that the learned single judge has passed the impugned order which goes clearly contrary to the dictum laid by the Honourable Apex Court which interdicts interference by the courts under Article 226 of the Constitution of India in respect of matters relating to the proceedings under the Securitisation Act.  5. The learned single judge ought not t....

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....ally when the law stands well settled. Any departure, if permissible, has to be for reasons discussed, of the case falling under a defined exception, duly discussed after noticing the relevant law. In financial matters grant of ex-parte interim orders can have a deleterious effect and it is not sufficient to say that the aggrieved has the remedy to move for vacating the interim order. Loans by financial institutions are granted from public money generated at the tax payers expense. Such loan does not become the property of the person taking the loan, but retains its character of public money given in a fiduciary capacity as entrustment by the public. Timely repayment also ensures liquidity to facilitate loan to another in need, by circulati....

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....nd the interim order granted for the mere asking without assigning special reasons, and that too without even granting opportunity to the Appellant to contest the maintainability of the writ petition and failure to notice the subsequent developments in the interregnum. The opinion of the Division Bench that the counter affidavit having subsequently been filed, stay/modification could be sought of the interim order cannot be considered sufficient justification to have declined interference.  18. We cannot help but disapprove the approach of the High Court for reasons already noticed in Dwarikesh Sugar Industries Ltd. v. Prem Heavy Engineering Works (P) Ltd. and Anr., 1997 (6) SCC 450, observing:-  "32. When a position, in law, ....