IIMATUN BIBI Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) This matter is taken up by virtual/physical mode.

(2.) The Petitioner is the widow of defaulting borrower of Cash Credit limit account sanctioned to the tune of Rs.16.00 lakhs from the Union Bank of India, College Square Branch, Cuttack in the year 2014. The husband of the Petitioner had availed another loan with the limit of Rs.3.00 lakhs in the year 2016. Due to financial indiscipline, both the loan accounts have been declared NPA on 31/3/2021, leading to issuance of a demand notice dtd. 23/4/2021 under Sec. 13(2) of the SARFAESI Act, 2002 (for short, 'Act, 2002') recalling a sum of around Rs.20.00 lakhs. Symbolic possession was assumed on 15/9/2021 by issuance of notice under sec. 13(4) of the Act, 2002 and the mortgaged property ( offered as a collateral security) was put to auction vide sale notice dtd. 15/1/2022 with auction date on 17/2/2022.

(3.) By filing the present writ, challenge has been laid to the auction notice dated 15th/16/1/2022 with the alternative prayer for rephasement of the loan by way of an amicable settlement.