AMBHI IMPEX PRIVATE LIMITED Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The revisional application arises out of a judgment and order dated January 10, 2023, passed by the learned presiding officer (in charge), Debts Recovery Tribunal-II, Kolkata in S.A. No. 217 of 2021 and I.A.1605 of 2022. SA 217 of 2021, was an application under Sec. 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2.) By the order impugned, the learned tribunal dismissed S.A. 217 of 2021 along with I.A. No.1605 of 2022 on the ground that those applications were devoid of any merit. Other pending I.As, if any, were also disposed of accordingly. The learned tribunal came to the conclusion that advancement of credit facility to the petitioners by the secured creditor was an admitted fact. The loan had to be repaid in accordance with the terms of the contract. The bank was not only entitled to, but also duty bound to recover the amount, by taking recourse to the provisions of law. The sale was upheld. It was recorded that the sale notice was issued on November 7, 2022. The sale was conducted on November 28, 2022, through e-auction and the secured asset had been sold to one Mr. Ashok Kumar Ghosh, the opposite Party No. 3 in this proceeding, for an amount of Rs.5,53,22,000.00 against the reserved price of Rs.3,03,97,000.00.

(3.) No irregularity had been detected in the entire procedure adopted by the secured creditor. It was held that upon compliance of the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as 'SARFAESI Act') and the Rules framed thereunder, the sale had been concluded.