JALDHAKA COLD STORAGE PVT. LTD. Vs. UCO BANK

JUDGEMENT

(1.) The instant Application Under Article 227 of the constitution of India has been preferred against the order dtd. 4/8/2023 passed by the learned Debt Recovery Appellant Tribunal (in short DRAT) Kolkata in Misc. Appeal No. 06 of 2023. Petitioners' case in brief is that the petitioners filed an application under Sec. 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (herein after called as SARFAESI Act, 2002) being SA 25 of 2021 before the learned Debt Recovery Tribunal (in short DRT) Siliguri challenging the classification of the petitioners loan Accounts as non performing assets and also against measures taken by the opposite party/Bank under Sec. 13 (2) and 13(4) of the SARFAESI Act, 2002 with regard to the mortgaged property of the petitioners.

(2.) During pendency of the said application before the Tribunal , the opposite party/bank filed an application under Sec. 14 of the SARFAESI Act 2002 before the District Magistrate Jalpaiguri for taking physical possession of the mortgaged property of the petitioners. By the orders dtd. 5/1/2023 and 16/2/2023, the District Magistrate, Jalpaiguri was pleased to pass order under Sec. 14 of the said Act in favour of the Bank for taking physical possession of the mortgage property of the petitioners.

(3.) Being aggrieved by that order, the petitioner filed an interim application being I.A. No. 130 of 2023 before the self-same Tribunal contending that despite the fact of payment of certain amount to the bank authority, there was no occasion for the Bank to declare the loan account of the petitioners as non performing assets (NPA). It was further alleged in the said interim application that the Reserve Bank of India (RBI) directed to grant moratorium of six months in respect of installments falling due between March 01, 2020 and August, 31st2020 and the 90 days NPA norm was directed to be excluded for the said period and there was an asset classification standstill during that period but the Bank authorities ignoring all these have initiated proceedings under Sec. 13 of the said Act against the petitioners.