KAMAL SINGH Vs. DEPUTY COMMISSIONER-CUMDISTRICT COLLECTOR, FARIDABAD

JUDGEMENT

(1.) Petitioners, who are the borrowers, have filed this petition challenging the impugned order dtd. 31/1/2023 (Annexure P-5) passed by the District Magistrate, Faridabad, under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act').

(2.) On being enquired from learned counsel for the petitioners as to why alternative statutory remedy has not been availed, there is no satisfactory response.

(3.) However, learned counsel for the Bank, fairly submits that if the petitioners/borrowers approach the Bank with a fair offer within a period of one month then the same shall be considered at the level of the competent authority and a considered decision shall be taken in accordance with law. The Bank is expected to pass speaking order, in case the Bank declines the offer made by petitioners/borrowers and the same shall be communicated to the petitioners/borrowers within a week of it's passing.