DEVAYANA AYURVEDIC MEDICINES Vs. MANAGER PUNJAB NATIONAL BANK

JUDGEMENT

(1.) THE steps taken by the respondent Bank for realisation of the amount due from the petitioners under different loans by resorting to the remedy under the SARFAESI Act , is the subject matter of challenge in this original petition.

(2.) THE case of the petitioners is that the first petitioner is a manufacturing unit of Ayurvedic medicines owned by the second petitioner. THE third petitioner is the husband of the second petitioner, who stood as guarantor to the transactions. Despite the many a demand, the amount borrowed by the petitioners were not repaid on time, under which circumstance the Bank declared the account of the petitioners as 'NPA' and proceeded with further steps under the SARFAESI Act. THE case of the petitioners is that because of the coercive steps , the petitioners, with much stress and strains arranged and paid a sum of Rs. 5 lakhs and were also forced to give an undertaking that the entire balance would be cleared before 30.06.2012. Challenging the said steps pursued by the respondents, the petitioners approached the DRT by filing an application, pointing out all these facts. After considering the application for stay, the Tribunal granted Ext.P9 order, whereby the petitioners have been required to liquidate the liability as mentioned in paragraph '5' of the stay order; being aggrieved of which, the petitioners have approached this Court by filing the present original petition.

(3.) THE learned Standing Counsel for the respondent Bank submits that, after giving credit to the amount satisfied by the petitioners at different points of time, the outstanding liability is Rs.70,47,104.06/- plus some expenses.