GOPAL AGRAWAL Vs. NARMADA JHABUA GRAMIN BANK

JUDGEMENT

(1.) Heard on the question of admission.

(2.) According to the petitioner, he is sole Proprietor of M/s Gopal Ice Mill, Kuravar, District Rajgarh (Biaora). For the purpose of carrying his business, he availed the cash credit facilities from Narmada Jhabua Gramin Bank. The Bank has granted him cash credit limit of Rs.75.00 lakhs and working capital term loan of Rs.15.00 lakhs. For securing the aforesaid limit and loan, the petitioner had offered security by way of equitable mortgage of his immovable property i.e. 3 shops situated on the ground floor and house situated on the first floor of the two storied building built on the land situated at Patwari Halka No.59, Survey No.665 area 0.805 hectare. According to the petitioner he paid the interest and other charges to the Bank in order to repay the loan. But in the month of March, 2017, due to financial crunch the cash credit limit was over drawn by around Rs.4.00 lakhs and thereafter petitioner could not regularize the same. The Bank issued a notice dated 15.05.2017 under Section 13 (2) of the SARFAESI Act and later on it was classified as Non Performing Asset (NPA).

(3.) Shri Amit Agrawal, learned Senior Counsel appearing on behalf of the petitioner submits that the above conduct of the Bank is highly objectionable. They have forcibly taken the possession of the residential house of the petitioner. They were supposed to follow the procedure as provided under Section 14 of the SARFAESI Act. The petitioner was and even today is very much interested to repay the loan, therefore, he deposited Rs.11.00 lakhs and further willing to repay the loan. Therefore, the petition be entertained and notices be issued to the Respondents.