ALM INDUSTRIES LIMITED Vs. DEBTS RECOVERY TRIBUNAL

JUDGEMENT

(1.) By means of the present writ petition, petitioner has sought the following reliefs:-

(2.) The facts in brief are that the petitioner- Company availed a financial loan of Rs.172,50,00,000.00 from the Saharanpur Branch of Central Bank of India. As the petitioner-company suffered huge financial losses a demand notice under Sec. 13 (2) of the Securitisation And Reconstruction of Financial Assets And Enforcement Of Security Interest Act, 2002 (for short "the Act, 2002") was issued to the petitioner stating that as the account of petitioner-company has been declared as a Non- performing asset on 15/10/2024 and there is an outstanding amount of Rs.183,62,50,217.17 is due. The petitioner submitted a detailed objection to the aforesaid demand notice under Sec. 13 (3A) of the Act, 2002. The respondent-Bank in spite of the objections even without going through them disposed it and issued a possession notice under Sec. 13 (4) of the Act, 2002. The aggrieved petitioner thereafter approached the Debts Recovery Tribunal, Dehradun challenging the measures taken by respondent-Bank. The learned Tribunal observed that respondent-Bank had issued the notice under Sec. 13(4) of the Act, 2002 without deciding the objections made by petitioner under Sec. 13 (3A) of the Act, 2002 vide order dtd. 17/9/2025. Against this order, a regular appeal (diary no.2176 of 2025) was filed by the Bank before the learned Debts Recovery Appellate Tribunal, Allahabad. Parallely, the Bank instead of pursuing the appeal filed an application under Sec. 14 of the Act, 2002 bearing Case No.236 of 2026 before the Additional District Magistrate, Saharanpur for forcibly taking possession of the properties (secured assets) of the petitioner. The ADM has fixed 4/5/2026 as the date for passing orders for forcibly taking possession of the properties of the petitioner.

(3.) At the very outset, the respondent-Bank's Advocate objected to the petition on the grounds of lack of territorial jurisdiction.