MILKHI RAM BHAGWAN DASS Vs. DISTRICT MAGISTRATE

JUDGEMENT

(1.) Case has been heard through video conferencing on account of COVID-19 Pandemic.

(2.) The petitioner has moved this petition seeking writ of mandamus directing respondent No.2 to grant six months' time to it to make the remaining payment as per One Time Settlement (OTS) dated 31.05.2019 (Annexure P-2), with further direction to restrain the respondents from taking physical possession of the mortgaged property of the petitioner.

(3.) The petitioner is a partnership firm and it availed a loan limit of Rs.1.55 crore from respondent No.2-Bank. Later on, the petitioner defaulted in repaying the loan and its loan account was declared as Non-Performing Asset (NPA) by respondent No.2-Bank on 06.10.2018. The proceedings under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter called 'Act of 2002'), were initiated by respondent No.2-Bank against it, which included notice under Section 13(2) of the Act of 2002. Respondent No.2 also filed an application before the District Magistrate, Mansa-respondent No.1 to take possession of the secured assets. To this effect, notice (Annexure P-1) was issued by respondent No.1. Subsequently, the petitioner effected one time settlement dated 31.05.2019 (Annexure P-2) with respondent No.2, as per which, he was to pay Rs.1.29 crore in total to respondent No.2 by 30.11.2019. Pursuant to the said settlement, the petitioner deposited an amount of Rs.51,00,000/- on the following dates:-