BHAGYASHREE GROUP Vs. ASSAM GRAMIN VIKASH BANK

JUDGEMENT

(1.) Heard Mr. D. Chakrabarty, learned counsel for the petitioners. Also heard Mr. D. Banerjee, learned standing counsel, Assam Gramin Vikash Bank, appearing for the respondent Nos.1 to 4.

(2.) The petitioners have taken a loan from the respondent Bank which was sanctioned vide sanction letter dated 29.09.2011, where the petitioner No.2 is a guarantor as the loan was secured by hypothecation of plant and machinery and equitable mortgage of the residential property standing in the name of the petitioner No.2. Initially, the petitioners were regular in repayment of their monthly instalments but from the month of August, 2017, they were irregular in repayment of the said loan. Thereafter, a possession notice dated 21.03.2018 under Sec. 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was issued to the petitioners by the Bank in respect of the mortgaged property and symbolic possession of the residential house of the petitioners was taken by the respondent Bank.

(3.) Against the aforementioned possession notice, earlier the petitioners approached this Court by filing WP(C) No.3306/2018 and this Court, by order dated 25.05.2018, directed the petitioners to pay an amount of Rs.5,00,000.00 to the respondent Bank within thirty days and stayed the operation and effect of the possession notice dated 21.03.2018. Thereafter, an amount of Rs.5,00,000.00 was paid by the petitioners.