MADHUSUDAN MALLICK Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) It is submitted that the Housing Loan account was declared as NPA on 6/8/2011 leading to the issuance of a Demand Notice dtd. 14/11/2011 issued under Sec. 13(2) of the SARFAESI Act, 2002 (for short, the Act, 2002") recalling the outstanding liabilities of Rs.8,04,252.71. Thereafter, the symbolic possession of the mortgaged residential house was assumed on 17/2/2012. However, no further recovery process was undertaken and concluded for more than a decade leading to the outstanding liabilities swelling to around Rs.40.00 Lakhs as on today.

(2.) Issue notice for 30/1/2023.

(3.) As an interim measure, subject to deposit a sum of Rs.10.00 Lakhs within seven days from today and the remaining Rs.10.00 Lakhs before the next date, status quo regarding possession, as existing today, shall be maintained till the next date of hearing.