PROSENJIT SEN Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This application under Article 227 of the Constitution of India is at the instance of the borrower and is directed against an order being No. 03 dated November 22, 2024 passed by the learned Debts Recovery Tribunal-III (for short "DRT") in I.A. No. 3743 of 2024 arising out of S.A. No. 366 of 2024.

(2.) By the order impugned, DRT disposed of the I.A. No. 3743 of 2024 upon holding that there is no illegality, irregularity or impropriety in the order dtd. 2/8/2024 passed by the District Magistrate under Sec. 14 of the Securitisation Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "SARFAESI Act").

(3.) State Bank of India (for short "SBI") sanctioned a Term Loan facility in favour of the petitioner for purchasing a flat. The authorised Officer, SBI, issued a notice under Sec. 13(2) of the SARFAESI Act dtd. 8/12/2023 calling upon the petitioner to discharge in full the outstanding liabilities due and owing to the Bank of Rs.4,96,881.00 within the time limit indicated therein and in case of failure to repay the said amount, the Bank will exercise all or any of the rights under Sec. 13(4) of the said Act. Bank affixed a Possession Notice dtd. 26/2/2024. Possession Notice was published in two leading newspapers on 27/2/2024. Challenging the notice issued under Sec. 13(2) of the SARFAESI Act, dtd. 8/12/2023, the possession notice dtd. 26/2/2024 and the publication of the possession notice on 27/2/2024, petitioner filed an application under Sec. 17 of the SARFAESI Act which is registered as S.A. 366 of 2024. District Magistrate, 24 Parganas (South), passed an order dated August 2, 2024 in a proceeding under Sec. 14 of the Act, whereby the Authorised Officer was authorised to take possession of the secured asset. Petitioner challenged the order of the District Magistrate dtd. 2/8/2024 by filing an application being IA 3743 of 2024 and prayed for stay of operation of the order dtd. 2/8/2024. Prayer for stay stood rejected by the impugned order.