DURGA TRAVELS Vs. DEBTS RECOVERY TRIBUNAL

JUDGEMENT

(1.) Heard Sri Manoj Kumar Dwivedi and Sri Ashish Chaturvedi, learned Counsel for the petitioner as well as Sri Abhishek Khare, Ms. Parul Sharma, Sri Shivansh Shukla and Sri Navneet Yadav, learned Counsel for the respondents.

(2.) The present petition has been argued by the petitioners alleging that the manner in which the possession has been taken violates the rights of the petitioners, which are vested by virtue of Article 300A of the Constitution of India. It was further alleged that the manner in which the possession was taken, was contrary to the mandate of Sec. 14 of The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 (hereinafter referred to as "the SARFAESI Act") and in view of violation of the constitutional and statutory rights, the petitioners have approached this Court.

(3.) The facts as arises from the present petition are that the petitioner no.1 had taken a loan for purchasing of school buses sometime in the year 2015 and the petitioners no.2 to 4 were the guarantors to the said loan. It was argued that there was a default in payment of the outstanding amount as such, the loan was classified as Non-Performing Asset (NPA) and the Bank issued a notice on 29/10/2020 under Sec. 13(2) of the SARFAESI Act. Subsequently, the respondent no.3-Bank, assigned its rights to the respondent no.2, which is a Assets Reconstruction Company. It also appears from the record that the notices under Sec. 13(4) were also issued and thereafter, an application was filed under Sec. 14 of the SARFAESI Act before the Additional District Magistrate (ADM), Gautambudh Nagar for taking possession of the property.