RNT ENTERPRISE AND 2 ORS. Vs. ALLAHABAD BANK

JUDGEMENT

(1.) Heard Ms. D. Borgohain and Ms. P. Gohain, learned counsel for the petitioners. Also heard Mr. S. Chanda, learned counsel for the respondents.

(2.) The petitioners are before this Court seeking that the Respondent No.2 be directed to finalize the amount due from the petitioners by waiving the interest from the date of issue of notice under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short hereinafter referred to as 'SARFAESI Act') and grant concession on the interest chargeable. The petitioners are also seeking that the time be extended by four months to repay the outstanding amount. In that light, the petitioners seek that pending consideration of those aspects, the respondents be directed not to resort to the measures as provided in Section 13(4) of the SARFAESI Act.

(3.) The fact that the petitioners are borrowers from the Respondent Bank and the account has been treated as NPA is the undisputed position. Further, the details of the facts relating to the total outstanding from the petitioners to the Respondent Bank and the manner of payment is not adverted to in details inasmuch as the petitioners were before this Court in W.P.(C) No.4439 of 2018. In the said process, in a circumstance where the petitioners were seeking concession relating to payment of interest after initiation of the proceedings under the SARFAESI Act, the learned Single Judge before whom W.P.(C) No.4439 of 2018 had been listed, has taken into consideration the offer made on behalf of the petitioners. In that view, the balance repayable has been directed to be made in one go and, in that circumstance, the Respondent Bank has been directed to consider waiver of the interest. It is noticed that the learned counsel for the respondents has only indicated that a consideration to that effect would be made by the Bank if such a request is made by the petitioner. In that light, the matter is required to be examined limited to that aspect alone.