SANJAY SINGH SAJWAN Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Petitioners took a business loan from Punjab National Bank. Since petitioners committed default in repayment thereof, therefore, the lending bank has initiated recovery proceedings against petitioners under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2.) In this writ petition, petitioners have challenged the possession notice issued on 22/12/2021.

(3.) Learned counsel for the petitioners submits that there is no Presiding Officer posted in Debts Recovery Tribunal, Dehradun and Presiding Officer, Debts Recovery Tribunal, Lucknow was given additional charge only till 31/12/2021. He further submits that Presiding Officer, Debts Recovery Tribunal, Lucknow has also proceeded on leave from 22/12/2021 to 31/12/2021, therefore, Debts Recovery Tribunal, Dehradun is virtually non-functional. He further submits that petitioners will file Securitization Application in the Registry of Debts Recovery Tribunal, Dehradun on or before 5/1/2022 and some limited protection be given to petitioners till 15/1/2022.