PARDEEP SHARMA Vs. STATE OF PUNJAB

JUDGEMENT

(1.) The challenge in the present petition is to the notice dtd. 24/5/2021 (Annexure P-5) issued under Sec. 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act'), the notice dtd. 16/3/2022 (Annexure P-7), issued under Sec. 13 (4) of the Act and the possession notice dtd. 29/3/2022 (Annexure P-8).

(2.) Learned counsel for the petitioner submits that the petitioner availed Cash Credit and Term Loan facility from respondent No. 2-Bank and mortgaged his residential house, situated in Amritsar. The account of the petitioner was wrongly declared NPA on 31/3/2021. The petitioner had suffered huge losses, and the respondent-Bank issued a notice dtd. 24/5/2021 (Annexure P-5) under Sec. 13 (2) of the Act in violation of the notification dtd. 5/5/2021 (Annexure P-6) having resolution framework 2.0. The classification of the account of the petitioner as NPA was against the Master Circular-Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to advances dtd. 2/7/2023. Hence, the petitioner sought quashing of the demand notice 24/5/2021 (Annexure P-5) issued under Sec. 13 (2) of the Act, the notice dtd. 16/3/2022 (Annexure P-7), issued under Sec. 13 (4) of the Act and the possession notice dtd. 29/3/2022 (Annexure P-8).

(3.) Learned counsel for the respondents-Bank referring to the reply filed on behalf of respondents No. 2 and 3 and submitted that the petitioner has availed loan in four accounts and presently two accounts are running which have been declared NPA. The petitioner had withdrawn money from the accounts which are presently working and deposited the same with the other two accounts for closing the same. The outstanding of '83,96,678.28/- is due against the petitioner which he has failed to pay. Hence, the petition is liable to be dismissed.