SNEHA DIAGNOSTICS Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) THE petitioner availed a cash credit facility from the respondent Bank, on the strength of security interest created over the property, in favour of the Bank. Admittedly, there was no effective repayment, which made the Bank to proceed with further steps under the SARFAESI Act, after declaring the account as 'NPA', which in turn is under challenge in this writ petition.

(2.) THE learned counsel appearing for the Bank, submits, on instructions that, despite extending all the possible help, the petitioner did not turn up to clear the liability in any manner and even refused to execute necessary documents for acknowledgment debt. It was in the said circumstances, that the Bank was constrained to file O.A. No. 240 of 2012, which is pending consideration before the Debt Recovery Tribunal. By virtue of rights and liberties, the Bank has also proceeded with steps under the SARFAESI Act, which according to the learned counsel, is perfectly in conformity with the statutory prescription. It is also pointed out that, the petitioner has to remit a sum of about Rs. 11 lakhs, so as to close the loan account.