HITESH AGENCIES Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) Heard on the question of admission and interim relief.

(2.) Brief facts of the case are that petitioner being the proprietorship firm has taken loan facility from respondents/Bank to the tune of Rs.3,57,00,000.00by way of equitable mortgage of property (LAP). The petitioner serviced the interest to the respondent bank. After sometime, due to financial distress, the account of the petitioner was declared as NPA account. Respondent/bank invoked the actions under the realm of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [referred to as

(3.) Learned counsel for the petitioner submits that petitioner's S.A.No. 1017/2022 under Sec. 17 of the SARFAESI Act is pending before the DRT since last two years. He further submits that inspite of availing remedy under SARFAESI Act and approaching DRT, petitioner is left remedyless. Hence, it is prayed that the Presiding Officer, DRT, Jabalpur may kindly be directed to list the matter as early as possible for expeditious disposal of S.A. No. 1017/2022.