SUNIL KUMAR SAINI Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) (Oral) - Notice of motion.

(2.) Since the counsel for the respondent-PNB/caveator has appeared, no formal notice is required to be issued. Learned counsel for the Bank is also prepared to argue the matter finally. Having regard to the same, we have heard learned counsel for the parties.

(3.) The petitioner herein had taken financial accommodation from the respondent-Punjab National Bank. As it could not adhere to the schedule of payments, the account of the petitioner-firm was declared as NPA on 30.9.2010. Notice to this effect was duly served upon the petitioner. Since payment was not made even thereafter, the respondent-bank initiated the action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) by serving notice under Sec. 13(2) thereof on 22.11.2010, calling upon the petitioner to make payment of Rs. 1,27,34,475.00 within six weeks. The petitioner raised objections thereto. These objections were considered by the respondent-Bank and rejected. The respondent-Bank issued notice under Sec. 13(4) of the SARFAESI Act, for the possession of the mortgaged properties, particulars whereof are as under:- <FRM>JUDGEMENT_179_LAWS(P&H)12_2012_1.html</FRM>