EKTA ELECTROTECH PVT. LTD. Vs. STATE OF UTTARAKHAND

JUDGEMENT

(1.) In order to answer the principal argument raised by the learned counsel for the petitioners, as to whether the loan amount, which was sanctioned by the Secured Creditor, could at all be recovered as an arrears of land revenue. Few factual backdrop of the case are required to be dealt with.

(2.) It is not in controversy, that the petitioners were sanctioned with the loan, to which some of the co-petitioners stood as a guarantor. The aforesaid loan stood sanctioned on 30/3/2009. The petitioners contends that they had been consistently depositing the amount, but admittedly certain default was committed, and as a consequence thereto on 31/3/2017, the account was declared as NPA. This order of declaration of account as NPA, has not been ever put to challenge. Rather when the notices under sec. 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, was issued on 17/4/2017 under the Act of 2002, raising a demand of Rs.72,42,166.29 admittedly the petitioner has preferred a writ petition being Writ Petition no.1370 of 2017, which was dismissed by the coordinate Bench of this Court on 12/6/2017, in the light of the fact that the petitioners had a remedy available with them to prefer an appeal under Sec. 17 of the Act before Debt Recovery Tribunal, the petitioners didn't invoked any proceedings before the Debt Recovery Tribunal, and as a consequence to it, the notices under sec. 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, was published on 26/9/2017.

(3.) Consequent to it, a sale proclamation was published in the daily newspapers, for the purposes of selling the mortgaged property, as well as the plant and machinery, by publication made on 6/6/2018, and consequent to it, E-auction sale was scheduled to be conducted on 9/7/2018. But since the purchasers were not made available, for the building which was mortgaged for the loan advances, a fresh publication was issued on 27/12/2019, in newspaper "Jansatta" for the purposes of holding E auctioning of the mortgaged land and building of the factory, and at that point of time the total amount which was shown as due to be paid was valued as Rs.68,65,188.29.