PRAVEEN SHIVHARE Vs. PUNJAB AND SIND BANK

JUDGEMENT

(1.) Petitioner, a corporate entity and also a loanee, is before this Court with the grievance that despite revised proposal for One Time Settlement (for brevity 'OTS') pending consideration before the respondent/Punjab & Sind Bank vide Annexure P-11 dtd. 14/9/2021 that respondents have initiated proceedings under Sec. 13(2) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity 'SARFAESI Act') followed by possession notice dtd. 7/10/2021/P-12 and sale-notice dtd. 21/10/2021/P-13. Therefore, until and unless the respondents/Bank finalizes the revised notice proposal, no such proceedings could be initiated under SARFAESI Act.

(2.) Upon careful perusal of the documents referred to, it appears that alleged revised proposal is dtd. 14/9/2021 whereas the proceedings under Sec. 13(2) of SARFAESI Act were already initiated on 16/12/2020. Hence, the factual adumbration during course of arguments is not fully correct.

(3.) Be that as it may.