PANJAB NATION BANK ACTING Vs. ADDITIONAL DISTRICT MAGISTRATE

JUDGEMENT

(1.) The petitioner / Punjab National Bank has filed the present petition under Article 226 of the Constitution of India seeking direction to respondent No.1 to execute the order dtd. 11/11/2022 passed by the Additional District Magistrate, Agar Malwa in exercise of power conferred under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'SARFAESI Act').

(2.) The petitioner extended the credit facility to M/s Ruchi Agri Fresh Private Limited vide sanction letter dtd. 24/7/2015. On 31/3/2021, the account was declared non-performing asset due to default in repayment of loan.

(3.) A notice under Sec. 13(2) of the SARFAESI Act was issued for recovery of the outstanding balance of Rs.1,01,98,107.68. Thereafter, possession notice under 13(4) of the SARFAESI Act was issued on 2/9/2021 and symbolic possession of the mortgaged property was taken by the Bank.