C S COMPANY Vs. PUNJAB AND SIND BANK

JUDGEMENT

(1.) EXTS .P1 and P3 notices issued under the SARFAESI Act, for the amount due under a loan transaction are under challenge in this writ petition, mainly on the ground that it is barred by limitation prescribed under Section 36 of the SARFAESI Act.

(2.) THE sequence of events is as follows:

(3.) COMING to the grievance of the petitioners, it is stated that, notwithstanding the existence of the Civil Court decree, the Bank issued Ext.P4 notice under section 13(2) of the SARFAESI Act on 18.03.2005, on receipt of which, Ext.P5 statement of objections was preferred . According to the petitioners, no further action was taken by the Bank, presumably accepting the position made clear by the petitioners. But later, the Bank issued Ext. P1 notice dated 22.03.2012 under the very same provision i.e. 13 (2) of the Act, when the petitioner submitted Ext.P2 statement of objections again. However, the Bank conveyed the decision to proceed with the steps under the SARFAESI Act vide Ext. P3 dated 28.05.2012, pointing that the statement of objection was not correct or sustainable, which made the petitioner to approach this Court by filing this writ petition, seeking to set aside Exts. P1 and P3 mainly on the ground that it is barred by limitation .