T.S NATARAJ Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The petitioners are before this Court calling in question eauction notice dtd. 8/9/2021 which was notified to sell the property of the petitioners and have also sought quashment of sale certificate issued in favour of the 4th respondent/auction purchaser and seek consequential direction to consider the case of the petitioners under the OTS scheme.

(2.) Brief facts that lead the petitioners to this Court in the present petition, as borne out from the pleadings, are as follows:-

(3.) A notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act' for short) was issued upon the petitioner seeking to discharge liabilities within 60 days from the date of the said notice. When the petitioner did not comply with the contents of the notice, symbolic possession of the scheduled property was taken under Sec. 13(4) of the Act in terms of a communication dtd. 31/3/2018 and later physical possession was handed over to the 3rd respondent by order of the Deputy Commissioner dtd. 30/5/2019 in terms of Sec. 14(1) of the Act. It appears that the loan account of the petitioner was transferred to Stressed Assets Recovery Branch of the 1st respondent Bank who on 19/10/2020 issued a notice to the petitioner offering one time settlement. The one time settlement that was offered on 19/10/2020 was for Rs.1,72,49,708.00. The petitioners claim that due to out-break of COVID-19 they could not avail of the said settlement and that too passed by.