KUBER INTERPRISES Vs. BANK OF BARODA

JUDGEMENT

(1.) Learned counsel for the petitioners submits that the respondents have initiated recovery proceedings under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (which shall be referred hereinafter as 'Â "the Act, 2002'Â) against the properties of petitioners.

(2.) The respondents issued a notice dtd. 3/12/2019 to the petitioners classifying their account as NPA and without deciding the objections raised by the petitioners to the same took symbolic possession of the subject property under Sec. 13(4) of the Act, 2002 on 14/2/2020.

(3.) Learned counsel for the petitioners further submits that petitioners have challenged the entire action of the respondents under the provisions of the Act, 2002 before Debt Recovery Tribunal, Jabalpur by way of Securitisation Application under Sec. 17 of the Act, 2002 along with a prayer for stay of further coercive actions against the petitioners.