HABUNG LAILANG Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard Mr. Subu Tapin, learned counsel representing the petitioners as well as Mr. N. Ratan, learned CGC, representing respondent No.1, i.e., the Union of India. Also heard Mr. A.K. Singh, learned counsel representing respondent Nos.2 and 3 as well as Ms. G. Deka, learned Senior Government Advocate, representing the State respondent No.4.

(2.) The petitioners assail the Possession Notice dated 29.7.2015 and the E-Auction Notice dated 29.7.2015 issued under the hand of the Authorized Officer, Central Bank of India, in 'exercise of powers under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

(3.) The facts briefly are that the petitioners had availed a housing loan of an amount of Rs.7,50,000 under the "Cent Home Loan" Scheme from the Central Bank of India, Itanagar Branch, Naharlagun, way back in the year 2005. For availing the said loan, the petitioner No.2 stood as the Guarantor. In course of time and due to the failure on the part of the petitioners to repay the amounts as per the schedule of payment, a Demand Notice under section 13(2) of the SARFAESI Act was issued on 12.1.2015. The said Demand Notice dated 12.1.2015 was duly received by the petitioners. Pursuant thereto, the petitioner No.1 had also addressed a letter to the Branch Manager, Central Bank of India on 5.3.2015 indicating that it was not possible on his part to make timely repayment. A request was made that he may be allowed to repay the outstanding amount on monthly basis with effect from March 2015.