RAJESH BHAMBRI Vs. DISTRICT MAGISTRATE, FARIDABAD

JUDGEMENT

(1.) This writ petition has been filed for setting aside notice dtd. 5/2/2020 (Annexure P12) issued pursuant to orders dtd. 6/8/2014 and 10/2/2015 under Sec. 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "" "SARFAESI Act') and sale notice dtd. 14/2/2020 (Annexure P14) with further direction to respondent No. 2 to grant extension for deposit of balance payment in terms of One Time Settlement (OTS) sanctioned on 12/12/2018 (Annexure P7).

(2.) It is submitted that petitioner, who had set up small manufacturing unit at Badshahpur, availed credit cash limit of Rs.8.00 crores from respondent No. 2 i.e. respondent "" Bank and properties, as detailed in para 3 of writ petition (house and factory shed), were mortgaged. However, due to unfortunate circumstances beyond control of petitioner, including illhealth of petitioner (now represented by his LRs), there was financial indiscipline due to which loan account was declared Non Performing Asset (NPA) on 31/8/2013. Notice under Sec. 13(2) of SARFAESI Act was issued on 30/9/2013 claiming deposit of Rs.8.00 crores as outstanding on 31/8/2013. Petitioner is stated to have submitted his objections under Sec. 13(3A) of SARFAESI Act but purportedly without any decision thereon, notice dtd. 24/12/2013/1/2/2014 under Sec. 13(4) of SARFAESI Act issued on was issued. It is submitted that in the interregnum, One Time Settlement (OTS) for a sum of Rs.7.40 crores was accepted by respondent "" bank on 14/8/2015. Sum of Rs.1.34 crores was deposited pursuant to said OTS but remaining amount could not be deposited.

(3.) SA-71-2014 was filed by petitioner before learned DRT, Chandigarh, which was dismissed as premature on 1/4/2017 on the premise that possession of property had not yet been taken.