STATE BANK OF INDIA Vs. MOUSUMI DHAR

JUDGEMENT

(1.) The respondents- alleged contemnors had obtained loan of a sum of Rs.3.00 crores from the petitioner State Bank of India in the year 2015. Respondent No.1 was the principal borrower. Respondent No.2, her husband, was a guarantor. By way of security the respondents had offered their immovable properties on which security interest was created. The borrowers could not repay the installments as per agreed terms, upon which the Bank issued notice under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act, for short) on 13/5/2019 requiring the borrowers to repay a sum of Rs.2.65 crores (rounded off) which was due and payable as on 1/5/2019 failing which the Bank would take further steps. Since no payment came through, the Bank issued notice of taking symbolic possession in terms of Sec. 13(4) of the SARFAESI Act on 6/8/2019.

(2.) At that stage the respondents approached this Court by filing WP(C) No.1173 of 2019 on or around 16/9/2019 and challenged the Bank action. On 30/9/2019 the Division Bench of this Court noted the offer of the respondent No.1, the principal borrower, to repay the entire dues of the Bank on or before 31/3/2020. The order reads as under:

(3.) On 1/10/2019 the Division Bench recorded the Bank's acceptance of the offer of the respondents to pay the dues in installments. This order reads as under: