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TMI Blog2022 (2) TMI 1476X X X X Extracts X X X X X X X X Extracts X X X X ..... he Debts Recovery Tribunal-II at Hyderabad ( for short 'the Tribunal') in M.A. No. 97 of 2021 in S.A. No. 1476 of 2017 and further seeks a direction for restoration and hearing of S.A. No. 1476 of 2017 by the Tribunal on merit. 3. It appears that petitioner had availed loan from the respondent-UCO Bank, but defaulted in repayment. As a result, the respondent-UCO Bank initiated proceedings against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act'). This led the petitioner to file S.A. No. 1476 of 2017 before the Tribunal under Section 17 of the SARFAESI Act. While the securitization application was pending before the Tribunal, it is sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t petition has been filed. 6. Learned counsel for respondent Nos. 1 and 2 submits that by the letter dated 12.05.2020, respondent-UCO Bank had clearly informed the petitioner that he was to repay the loan amount with interest at contractual rate. Four months thereafter, submission was made before the Tribunal for withdrawal of securitization application. In the circumstances, Tribunal was justified in not allowing restoration of S.A. No. 1476 of 2017. 7. Learned counsel for respondent No. 3 submits that significant material changes have taken place in the interregnum and perhaps the situation has reached a stage where the matter cannot be reversed. She submits that pursuant to auction sale, 3rd respondent became the successful bidder and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for adjudicating on merits whereas it is the plea of the respondent bank that the applicant's OTS proposal has been turned down in the month of May, 2020 itself and it is him to pay the outstanding amount. The respondent bank placed on record copy of the letter dated 12.05.2020 addressed to the applicant which finds place at page No. 17 of the material papers annexed to the counter affidavit. Even the affidavit filed in support of the petition IA No. 1691/2020 filed for advancement of the SA does not indicate of any pendency of the OTS proposal with the respondent bank. The applicant sought for advancement of SA on the ground that the 3rd respondent auction purchaser withdrew from the auction held on 14.12.2017 and thereby cause of action ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er for whatever reason a person who is aggrieved in law should be left remediless. In the instant case, petitioner had invoked his remedy by filing securitization application under Sub-Section (1) of Section 17 of the SARFAESI Act. The application was pending for three years before the Tribunal. From the docket order dated 21.09.2020, we find that a junior counsel appearing on behalf of the petitioner had reported that the matter was settled out of Court and therefore, leave was sought for withdrawing the securitization application which was accordingly granted. 13. When the settlement did not materialize, petitioner went back to the Tribunal for revival of the securitization application which was however dismissed on the ground that versi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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