DEV DUTT Vs. DEBTS RECOVERY TRIBUNAL II, CHANDIGARH

JUDGEMENT

(1.) The petitioner, who is borrower, has approached this Court assailing one of the recourses taken by the Financial Institution u/s 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short SARFAESI Act), in respect of the loan amount of Rs.20,66,665.00obtained sometime in 2015, wherein default took place and therefore the loan account was declared as NPA, and thereafter, SARFAESI proceedings commenced.

(2.) Learned counsel for the petitioner submits that another attempt towards settlement and rescheduling of the loan account may be made.

(3.) The petitioner is granted liberty to raise all such contentions of proposing OTS (One Time Settlement) before the Financial Institution.