INDIABULLS COMMERCIAL CREDIT LIMITED Vs. ECONOMIC OFFENCES WING

JUDGEMENT

(1.) The hearing has been conducted through video conferencing.

(2.) Counsel for the petitioner submits that the petitioner herein is a Non-Banking Financial Company, registered with the Reserve Bank of India and also a financial institution under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner has granted two loans against a property to respondent nos. 4 to 10 and upon failure to pay EMI's on time, the loan accounts of the said respondents were declared Non-Performing Assets (NPA) and statutory proceedings under the SARFAESI Act were conducted.

(3.) Counsel for the petitioner further submits that the property in question bearing Plot No. 32, Road No. 42, Punjabi Bagh (West), Delhi 110026 is mortgaged, however, vide impugned notice dated 05.08.2019, ACP/EOW communicated to the Sub-Registrar II-A, Punjabi Bagh, Nangloi, Delhi as reproduced under: