PUNJAB NATIONAL BANK Vs. ADDITIONAL DISTRICT MAGISTRATE

JUDGEMENT

(1.) This writ petition under Article 226 of the Constitution of India is preferred challenging the order dtd. 18/10/2021 passed by respondent No.1 in case No.RCMS/0076/B-121/2021-22 (Security) whereby the application filed by the petitioner (Annexure P/9) for making necessary correction in the order dtd. 24/4/2019 (Annexure P/8) has been dismissed seeking following reliefs:-

(2.) On 27/10/2015 respondent No.2 obtained financial assistance in the form of cash credit of Rs.2,00,00,000.00 (Rupees Two Crores Only), in the name of M/s. Shivkripa Agro Industries, from the petitioner bank. Against the said loan, respondent No.3 stood as guarantor and had mortgaged the property of his own ownership, i.e., House on Khasra No. 384/1 (K) and 445/2/2, Patwari Halka No. 07, Old No. 26, Settlement No.359, Oppo. Mangladevi Temple Manawar, Dist. Dhar (M.P.) admeasuring 11619 sq. ft. (hereinafter referred to as the 'subject property' / 'mortgaged property').

(3.) Since the respondent No.2 failed in repaying the said loan amount, the account of Respondent No.2 was declared as NPA on 31/3/2017, and the petitioner bank initiated proceedings for recovery of the loan dues amounting to Rs.1,99,57,377.93 as on 31/3/2017.