WPMS/2844/2021
2021 Latest Caselaw 5380 UK

     IN THE HIGH COURT OF UTTARAKHAND
                        AT NAINITAL
      ON THE 28TH DAY OF DECEMBER, 2021
                               BEFORE:
     HON'BLE SHRI JUSTICE MANOJ KUMAR TIWARI

        Writ Petition (M/S) No. 2844 of 2021

BETWEEN:
M/s Sai Traders & another.                                  ...Petitioners
      (By Ms. Pragati Sanwal & Ms. Divya Jain, Advocates)

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 for respondent no. 1
      and Ms. Mamta Bisht, Deputy Advocate General for the State/respondent
      no. 2)


                            JUDGMENT

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

2. It is contended on behalf of the petitioners that due to non-availability of Presiding Officer at Debts Recovery Tribunal, Dehradun, the remedy under Section 17 of the said Act has become illusory.

3. This submission has however been disputed by learned Senior Counsel appearing for respondent no. 1, who submits that Presiding Officer, Debts Recovery Tribunal, Lucknow has been given additional charge, who is virtually hearing the cases of Debts Recovery Tribunal, Dehradun on each Friday.

4. Learned counsel appearing for the petitioners then submits that petitioners are ready and willing to repay the loan and all they want is some reasonable time, in order to arrange for necessary funds.

5. Having regard to willingness shown by petitioners to repay the loan, writ petition is disposed of with liberty to them to make representation to the Competent Authority in Punjab National Bank, within one week from today. If petitioners deposit a sum of `1,00,000/- with their representation, then the Competent Authority in the bank shall take decision on petitioners' representation, in accordance with law, as early as possible, preferably within two weeks from the date of its presentation.

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

(MANOJ KUMAR TIWARI, J.) Navin