WPMS/2767/2021
2021 Latest Caselaw 5296 UK

     IN THE HIGH COURT OF UTTARAKHAND
                         AT NAINITAL
      ON THE 22ND DAY OF DECEMBER, 2021
                                BEFORE:
     HON'BLE SHRI JUSTICE MANOJ KUMAR TIWARI

        Writ Petition (M/S) No. 2767 of 2021

BETWEEN:
Anil Bansal & others.                                          ...Petitioners
      (By Mr. Rajat Mittal, Advocate)

AND:

State of Uttarakhand & others.                              ...Respondents
      (By Mr. M.S. Bisht, Brief Holder for the State/respondent nos. 1 to 3)


                             JUDGMENT

Petitioners are borrowers, who are facing proceedings under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

2. Learned counsel for the petitioners submits that although petitioners have remedy under Section 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, however, due to non- availability of Presiding Officer in Debts Recovery Tribunal, Dehradun, such remedy has become illusory. He further submits that petitioners are ready and willing to liquidate the loan, but, the only thing they want is some reasonable time, in order to arrange for necessary funds.

3. Having regard to willingness shown by petitioners to repay the loan, writ petition is disposed of with liberty to petitioners to approach

the Competent Authority in the lending bank, by making representation for rescheduling the loan, within ten days from today. If petitioners deposit a sum of `5,00,000/- with their representation, then the Competent Authority in the bank shall consider petitioners' request and take appropriate decision, in accordance with law, as early as possible, but not later than three weeks from the date of presentation of such representation.

4. For a period of four weeks or till decision on petitioners' representation, whichever is earlier, no coercive action shall be taken against the petitioners.

5. Let a certified copy of this order be issued today itself.

(MANOJ KUMAR TIWARI, J.) Navin