Chattisgarh High Court
M/S Vikas Traders, Proprietors vs Chhattisgarh Rajya Sahkari Bank ... on 15 February, 2022
HIGH COURT OF CHHATTISGARH, BILASPUR
Order Sheet
WP (C) No. 802 of 2022
M/s Vikas Traders & Another Vs. Chhattisgarh Rajya Sahkari Bank Maryadit & Ors.
15.02.2022 Shri Achyut Tiwari, Advocate for the petitioners.
Shri Rahul Jha, Govt. Advocate for the State.
Admit.
Let notices be issued to respondent No.1 as per rules.
Also heard on IA No.1, which is an application for grant of interim
relief.
The petitioner is aggrieved of the initiation of the proceedings under
The Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 (in short, the Act, 2002) by the respondent
No.1 and where Section 14 application has been allowed by the District
Magistrate and there is a formal order for taking possession of the property
of the petitioner which stands mortgaged with the respondent No.1.
According to the petitioner, he had taken a loan amount of Fifteen
Lakh Rupees and because of certain precarious conditions prevailing, the
repayment could not be made timely and the petitioner's loan account was
declared NPA on 31.12.2019 with an outstanding amount of more than 17.30
Lakhs. Thereafter, the respondents have initiated proceedings under the Act,
2002. Notice under Section 13 (2) was issued on 12.02.2020. Later on notice
under Section 13(4) was also issued on 13.05.2020 for handing over
possession of the mortgaged property. Subsequently, the respondent No.1
moved an application under Section 14 before the District Magistrate and an
order has now been passed on 23.12.2020 and which is under challenge in
the present writ petition in the light of the judgment of the Supreme Court in
the case of MP State Bar Council and Others Vs. Union of India & Ors.
where the Supreme Court has permitted the High Courts to entertain the
matters which are otherwise to be heard by the DRTs and DRATs.
The counsel for the petitioner submits that as on 31.12.2020 the
outstanding amount was more than 17.30 Lakhs and there would be interest
on the said amount for the next two years till now.
Given the entire facts and circumstances of the case, more
particularly taking note of the fact that the DRT Jabalpur is not functional as
of now on account of non availability of a Presiding Officer, the writ petition
as of now is being entertained and purely as an interim measure subject to
petitioner's depositing an amount of Ten Lakh rupees within a period of 30
days to the respondent No.1, the respondent No.1 is restrained from taking
further proceedings under the Act, 2002, till the next date of hearing.
It is made clear that in case if the petitioner fails to make payment of
Rs.10 Lakhs within a period of 30 days, the interim relief granted by this
court would automatically lose its efficacy and the respondent No.1 would be
free to proceed further in accordance with law.
Let reply be filed within four weeks.
List this case for further hearing in the week commencing 28 th March,
2022.
Sd/-
(P. Sam Koshy)
Judge
Inder
