AZEEMA BEGUM Vs. AUTHORIZED OFFICER, PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Petitioners are residents of District Moradabad in State of Uttar Pradesh. They took a loan from Punjab National Bank, Thakurdwara Branch, District Moradabad.

(2.) Since petitioners could not repay the loan in time, therefore, recovery proceedings were initiated by the concerned bank by invoking provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(3.) According to the petitioners, the secured asset has now been sold by the respondent-bank in a public auction. It is further the contention of the petitioners that they have approached Debts Recovery Tribunal, Dehradun under Sec. 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, but, on account of non-availability of Presiding Officer, no relief could be obtained by the petitioners.