ASHIS KUMAR NAYAK Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) Petitioner is a Proprietor of M/s. Joy Traders and had availed Cash Credit facility to the tune of Rs.65.00 lakhs from Punjab National Bank, Chandrasekharpur Branch, Bhubaneswar in May, 2013. To secure the loan, two immovable properties were mortgaged. Due to non-servicing of the C.C. Loan Account, it was classified as NPA on 26/7/2014 leading to a demand notice dtd. 30/7/2014 (Annexure-4) issued under Sec. 13(2) of the SARFAESI Act, 2002 recalling the outstanding liability of Rs.68,71,784.00 as on 26/7/2014 along with future interest and expenses. Subsequently a notice dtd. 7/10/2014 (Annexure-7) was issued by the Bank calling upon the petitioner to deliver possession of the secured asset on or after 23/10/2014 at any time during the working hours.

(2.) It is the aforesaid two notices Annexure-4 and Annexure-7 which are the subject matter of challenge before this Court.

(3.) This Court while issuing notice vide order dtd. 17/10/2014, passed the following directions in the Miscellaneous Application filed along with the writ petition: