M/S FUTURE SOLAR Vs. UNION OF INDIA

JUDGEMENT

(1.) The substantial challenge in this petition, filed by the petitioner-borrower, is to the notice dtd. 1/7/2023 (Annexure P-1) issued under Sec. 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act for brevity); order dtd. 4/7/2024 (Annexure P-2) passed by the District Magistrate, Panipat, under the provisions of Sec. 14 of SARFAESI Act as well as possession notice dtd. 10/2/2025 (Annexure P-3).

(2.) Learned counsel for the respondent No.2-Bank, in respect to the undertaking that was given by learned counsel for the respondent No.2-Bank on 17/3/2025, contends that the said undertaking was given with the hope and expectations that the petitioners-borrowers would come forward and show their BONA FIDES in the process of settlement.

(3.) Learned counsel for the respondent No.2-Bank informs that the petitioners-borrowers have not come forward and therefore the undertaking given by learned counsel for the respondent No.2-Bank is ineffective.