SUNRISE ALUMINUM Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) By means of this writ petition the petitioner has challenged the order dtd. 23/8/2023 passed under Sec. 14 of The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short the SARFAESI Act) whereby the respondents Bank was directed to take possession of the secured assets i.e. mortgaged property.

(2.) It is submitted by the learned counsel for the respondents-Bank that the notice under Sec. 14 of the SARFAESI Act was issued to the petitioner on 23. 08.2023 and petitioner remained silent without challenging the said order before any forum, available to him under law.

(3.) It is contended by learned counsel for the respondents-bank that pursuant to the aforesaid notice possession of the secured assets have already been taken over by the bank on 5/9/2024. It is submitted by learned counsel for the respondents-bank that in between one year time has elapsed and petitioner remained silent and did not proceed for any kind of settlement with the respondents-bank nor did he pay any single penny towards said outstanding loan amount.