MAHENDRA PAKASH GARG Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Petitioner is guarantor in respect of a loan given to M/s Suyash Craft Mill Private Ltd. Since the loan could not be repaid in time, therefore, Punjab National Bank has initiated recovery proceedings by invoking provisions of SARFAESI Act, 2002. Thus, feeling aggrieved petitioner has approached this Court challenging the e-auction notice dtd. 1/11/2021.

(2.) It is the contention of learned counsel for the petitioner that petitioner's asset, which has been mortgaged, in favour of the Bank is situated in District Dehradun and against the e-auction notice, impugned in this writ petition, petitioner had filed a securitization application under Sec. 17 (1) of the SARFAESI Act, 2002 before Debts Recovery Tribunal, Dehradun. He further submits that on account of vacancy, on the post of Presiding Officer, Debts Recovery Tribunal, Dehradun, no relief could be granted to the petitioner.

(3.) Mr. I.P. Kohli, Advocate appearing for respondent-Bank also do not dispute this submission made on behalf of the petitioner that petitioner had filed his securitization application before Debts Recovery Tribunal, Dehradun. He further concedes that Debts Recovery Tribunal, Dehradun is non-functional, on account of vacancy on the post of Presiding Officer.