SISMAGIC INDIA Vs. STATE OF U.P.

JUDGEMENT

(1.) Heard Shri Rajesh Yadav, learned counsel for the petitioners, Shri B.P. Singh Kachhawah, learned Standing Counsel for the State respondent nos.1 & 2 and Shri Dharmendra Vaish, learned counsel for the respondent No.3.

(2.) Present petition is being preferred by the petitioners for the following relief :-

(3.) Record in question reflects that the petitioner no.1 had taken a loan of Rs.40.00 lakhs from the respondent bank in the year 2014. He could not deposit the loan amount due to brain hemorrhage. Consequently, the respondent bank has filed a case under Sec. 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, SARFAESI Act) against the petitioner in which the Additional District Magistrate (Administration), Moradabad Division, Moradabad/respondent no.2 has passed an order on 29/2/2020 in favour of respondent bank.