PRATUL KUMAR GHOSH Vs. ASHISH AGARWAL

JUDGEMENT

(1.) The matter is taken up through video conferencing.

(2.) Heard Mr. S. Mitra, learned counsel for the petitioners. Also heard Mr. I.S. Majumdar, learned counsel appearing for the respondent No.1 and Mr. S. Dutta, learned counsel appearing for the respondent Nos.2, 3 & 4.

(3.) The petitioners before this Court had taken a loan from respondent Bank, i.e. Bank of India, in the year 2014 in the form of Cash Credit Limit of Rs.30,00,000/- (Rupees Thirty Lakhs only). The amount was not paid in time and thereafter the account of the petitioners was declared as Non-Performing Asset (NPA) by the respondent Bank on 31.03.2019, and proceedings were initiated under Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioners received a notice under Section 13(2) of the SARFAESI Act on 06.05.2019 and not being satisfied with the reply of the petitioners, symbolic possession was also taken and thereafter physical possession to the mortgaged property was taken on 06.12.2019. Till this stage, the petitioners did not approach either the Debts Recovery Tribunal or this Court. Thereafter, the petitioners filed a writ petition before this Court being WP(C) No.3414/2020 on 27.08.2020 and by order of this Court dated 03.09.2020, the petitioners were directed to approach the Debts Recovery Tribunal. Consequently, the petitioners approached the Debts Recovery Tribunal, Guwahati. The petitioners before the Debts Recovery Tribunal, inter alia, made a request that they may be allowed to deposit the entire amount as sale of the mortgaged property had not been completed. Although, the facts before this Court disclose that by the time the petitioners had approached the Debts Recovery Tribunal, the sale of the mortgaged property had already taken place. In any case, the request of the petitioners was accepted by the Tribunal vide its order dated 22.09.2019, and the entire amount was deposited by the petitioners before the Bank in the form of a Demand Draft on 23.09.2019.