ANIL BANSAL Vs. STATE OF UTTARAKHAND

JUDGEMENT

(1.) Petitioners are borrowers, who are facing proceedings under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2.) Learned counsel for the petitioners submits that although petitioners have remedy under Sec. 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, however, due to non-availability of Presiding Officer in Debts Recovery Tribunal, Dehradun, such remedy has become illusory. He further submits that petitioners are ready and willing to liquidate the loan, but, the only thing they want is some reasonable time, in order to arrange for necessary funds.

(3.) Having regard to willingness shown by petitioners to repay the loan, writ petition is disposed of with liberty to petitioners to approach the Competent Authority in the lending bank, by making representation for rescheduling the loan, within ten days from today. If petitioners deposit a sum of Rs.5,00,000.00 with their representation, then the Competent Authority in the bank shall consider petitioners' request and take appropriate decision, in accordance with law, as early as possible, but not later than three weeks from the date of presentation of such representation.