VANTAGE POINT COMMUNICATION, REPRESENTED BY ITS PARTNERS Vs. PUNJAB NATIONAL BANK, REPRESENTED BY ITS CHIEF MANAGER/AUTHORISED OFFICER

JUDGEMENT

(1.) Heard Mr. S. Dutta, learned counsel for the petitioners. Also heard Mr. A. Ganguly, learned counsel appearing for the respondent Nos.1 3 as well as Mr. R. Dhar, learned Addl. Sr. Govt. Advocate, Assam, appearing for respondent Nos.4 and 5.

(2.) The petitioner No.1 is a partnership firm and the petitioner Nos.2 and 3 are the partners of the petitioner No.1. The partnership firm had availed term loan of Rs. 160 lakhs and cash credit loan of Rs. 35 lakhs on 10.05.2012 from the respondent bank. To avail the loan, land and dwelling house of one Bizit Saikia, who is the father of the Managing Partners of the petitioner firm, was mortgaged. The loan account of the petitioner firm was declared as Non-Performing Asset (NPA) on 31.03.2014. A demand notice dated 204.2014 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (for short, the SARFAESI Act) was issued for repayment of the loan. As the loan amount was not repaid, on 05.09.2014, the bank had issued possession notice and had taken over symbolic possession of the mortgaged land.

(3.) It appears that Bizit Saikia had approached this Court by filing a writ petition, which was numbered as WP(C) No.3225/2015. A perusal of the order dated 04.06.2015 by which the writ petition was disposed of, goes to show that on the submission made by the learned counsel on behalf of the petitioner in the said case, direction was issued to the petitioner in the said case to liquidate the entire loan amount within a period of 3 months and during the period of 3 months, the respondent bank was directed not to auction/sale the mortgaged land/property. Liberty was granted to the bank to take such action as may be considered necessary in the event of failure on the part of the petitioner therein to repay the outstanding amount.