ARUN KUMAR Vs. PUNJAB NATIONAL BANK BRANCH OFFICE

JUDGEMENT

(1.) The petitioner took an industrial loan of Rs.53.00 Lakh. He repaid around Rs.15.00 Lakh. A notice dtd. 19/9/2011 was issued under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'the Act, 2002') to pay Rs.65,59,626.00 -. The respondents took symbolic possession of the property-in-question on 18/2/2012. On 20/1/2025, an auction notice was issued. The petitioner filed a Writ Petition (WPMS No.231 of 2025). He moved a representation before the respondent authority in compliance with the order dtd. 12/2/2025, passed in WPMS No.231 of 2025. The respondent no.2 vide letter dtd. 15/2/2025 rejected the petitioner's proposal for settlement under OTS Scheme. The said proposal was submitted through the representation dtd. 14/2/2025. The respondent no.2 vide letter dtd. 28/2/2025 directed the petitioner to submit a better proposal.

(2.) Heard Mr. Shubhang Dobhal, learned counsel for the petitioner and Mr. Siddhartha Jain, learned counsel for the respondents.

(3.) Mr. Shubhang Dobhal, learned counsel for the petitioner contended that the petitioner wants to pay the entire loan amount. He is willing to submit a better proposal. As per the auction notice, the date of auction is fixed for 19/3/2025.