M/S Mahendra Pal And Company vs The State Of Rajasthan
2022 Latest Caselaw 2943 Raj

HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR S.B. Civil Writ Petition No. 2968/2022

M/s Mahendra Pal & Company, Rajiasar District Sri Ganganagar Through Its Proprietor Mahendra Pal S/o Shri Om Prakash, Aged 55 Years, Resident Of Ward No. 40, Ravidas Nagar, Sri Ganganagar.

----Petitioner Versus

1. The State Of Rajasthan, Through The Collector, Sri Ganganagar.

2. Punjab National Bank, Through Its Authorized Officer, Circle Office, Meera Chowk, Sri Ganganagar.

3. The Branch Manager, Punjab National Bank, Suratgarh, District Sri Ganganagar.

                                                                 ----Respondents


For Petitioner(s)         :     Mr. D.S. Thind
                                Mr. Hakam Ali


                        JUSTICE DINESH MEHTA
                                     Order

23/02/2022

1. It is asserted that out of the total outstanding amount of

Rs.20,98,957.51/- shown in the notice dated 29.07.2021, issued

by the respondent-Bank, the petitioner has already deposited a

sum of Rs.8 lacs earlier, as is evident from notice dated

21.01.2022 and a further sum of Rs.2 lacs on 16.02.2022.

2. This Court is not oblivious of its limitation of interference in

the matters relating to action taken under the provisions of

Securitization and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 (hereinafter referred to

as the 'SARFAESI Act') in light of catena of judgments of Hon'ble

the Supreme Court, however, considering that the petitioners

(2 of 2) [CW-2968/2022]

have approached this Court with bonafide intention to settle the

dues, this Court is inclined to exercise its equitable jurisdiction.

3. Learned counsel submits that petitioners are genuinely

desirous of squaring off the loan amount and settle the bank's

dues and if the respondents - bank seizes industrial property of

the petitioners, the same will affect petitioners' business.

4. Learned counsel for the petitioners, on instructions, submits

that out of the total dues of Rs.12,29,986.51/- as on

31.12.2021 /-, as mentioned in the respondent - Bank's auction

notice dated 21.01.2022, petitioners would deposit the amount as

following :

(i) Sum of Rs.3 lacs by 15.03.2022;

(ii) Rs.3 lacs by 31.05.2022; and

(iii) remaining amount by 31.08.2022.

5. In view of the above undertaking, let notices be issued to the

respondents, returnable within six weeks.

6. In case petitioners subscribe to the above said undertaking,

the respondent - Bank shall stand restrained from taking

possession of petitioner's industrial property situated at Khasra

No.88/2 Khata No.127(New), 118 (Old), Village Hindone,

Vijaynagar Road, Tehsil Suratgarh, District - Sriganganagar for

auction.

7. Needless to observe that in the event of petitioners' failure to

adhere to any of the abovementioned commitments, the

respondents shall be free to proceed in accordance with law.

(DINESH MEHTA),J 122-Ramesh/-

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