WPMS/2565/2021
2021 Latest Caselaw 4956 UK

     IN THE HIGH COURT OF UTTARAKHAND
                    AT NAINITAL
       ON THE 7TH DAY OF DECEMBER, 2021
                          BEFORE:
 HON'BLE SHRI JUSTICE MANOJ KUMAR TIWARI


      WRIT PETITION (M/S) No. 2565 of 2021

BETWEEN:

M/S Supertech Limited.                         ..........Petitioner
      (By Mr. U.K. Uniyal, Senior Advocate, assisted by Mr. Rajesh
      Sharma and Mr. Manish Kumar Singh, Advocates)


AND:
Assistant General Manager,
Bank of Baroda & others.                     ......Respondents
      (By Mr. Siddhartha Sah, Advocate)


                        JUDGMENT

Petitioner is a borrower, who took a loan from Vijay Bank, which is now merged in Bank of Baroda. Since petitioner defaulted in repayment of loan, therefore, the lending Bank (now Bank of Baroda) has initiated proceedings for recovery of the outstanding dues by invoking provisions contained in SARFAESI Act. Petitioner has filed this petition challenging the sale notice dated 03.12.2021.

2. Learned Senior Counsel appearing for the petitioner submits that petitioner has a remedy under Section 17 of SARFAESI Act, however, due to vacancy on the post of Presiding Officer in Debts Recovery Tribunal, Dehradun & Debts Recovery Tribunal, New Delhi, petitioner has been rendered remediless, consequently, petitioner has approached this Court for protection. Learned Senior Counsel for the petitioner

further submits that petitioner is ready and willing to settle the dues and all he wants is some reasonable time for arranging necessary funds. He confines his prayer and submits that the writ petition be disposed of by permitting the petitioner to submit a proposal to the bank for One Time Settlement and the Competent Authority in the bank be directed to consider the same within some stipulated time.

3. Learned counsel for the respondent-Bank submits that petitioner's earlier proposal for One Time Settlement was rejected on 25.08.2021.

4. Having regard to the eagerness shown by petitioner to resolve the issue and to meet the ends of justice, the writ petition is disposed of with liberty to petitioner to submit fresh proposal to the Competent Authority in the respondent-Bank. If petitioner makes such proposal within two weeks from today alongwith upfront deposit of ` 5 Crores, then the Competent Authority in the Bank shall consider the proposal and take appropriate decision, in accordance with law, within ten days from the date of receipt of proposal alongwith certified copy of this order.

5. For a period of three weeks or till decision is taken on petitioner's proposal, whichever is earlier, sale of the secured assets, if made, shall not be confirmed.

6. Let a certified copy of this order be issued within 24 hours.

(MANOJ KUMAR TIWARI, J.) Arpan