AHUJA TRADERS Vs. EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED

JUDGEMENT

(1.) Petitioners took a commercial loan from IndusInd Bank. Since petitioners could not repay the loan, therefore recovery proceedings were initiated against them by respondent no. 1, which is an Asset Reconstruction Company, in terms of Sec. 5 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2.) Petitioners are aggrieved by possession notice dtd. 16/11/2021 passed by District Magistrate, Haridwar under Sec. 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(3.) It is contended by learned counsel for the petitioners that petitioners have approached Debts Recovery Tribunal, Dehradun under Sec. 17 of the aforesaid Act, however, on account of vacancy on the post of Presiding Officer, the Tribunal is not functioning. He, therefore, submits that petitioners have now become remediless and if some protection is not given to them, the very purpose of filing securitization application before Debts Recovery Tribunal would be frustrated.