WPMS/2762/2021
2021 Latest Caselaw 5263 UK

     IN THE HIGH COURT OF UTTARAKHAND
                       AT NAINITAL
        ON THE 21ST DAY OF DECEMBER, 2021
                              BEFORE:
 HON'BLE SHRI JUSTICE MANOJ KUMAR TIWARI


         Writ Petition (M/S) No. 2762 of 2021

BETWEEN:

M/s King Radiant (India)
Suppliers Pvt. Ltd. & another.                     .....Petitioners
        (By Mr. Parikshit Saini, Advocate)


AND:
Punjab National Bank & another.                  ......Respondents
        (By Mr. V.K. Kohli, Senior Advocate, assisted by Mr. Kanti
        Ram Sharma, Advocate, holding brief of Mr. I.P. Kohli,
        Advocate)


                             JUDGMENT

Petitioner is a borrower, who defaulted in re-payment of the loan, therefore, the lending bank has initiated proceeding against him under SARFAESI Act.

2. A notice under Section 13(4) of the aforesaid Act was issued against the petitioner, which was set aside by Debts Recovery Tribunal, Dehradun vide order dated 18.02.2021. According to the petitioner, he has some prospective buyers, who are offering good price for the secured assets, therefore, he wants that he may be permitted by the lending bank to sell the property, so that he may re-pay the loan.

3. Such a relief cannot be granted in a writ petition, however, having regard to the facts & circumstances of the case, the writ petition is disposed of with liberty to petitioner to approach the Competent Authority in the respondent-bank by making a representation. If petitioner makes such representation within one week from today, then the Competent Authority in the Bank shall consider the same and take appropriate decision thereupon, in accordance with law, within two weeks from the date of receipt of representation alongwith certified copy of this order.

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

(MANOJ KUMAR TIWARI, J.) Arpan