BHAI KANHAIYA SEWA SOCIETY Vs. DISTRICT MAGISTRATE

JUDGEMENT

(1.) The present writ petition has been filed seeking quashing of proceedings initiated under Sec. 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity 'the Act') whereby the respondents No.2 and 3 (hereinafter referred to as 'the bank') have taken physical possession of equitably mortgaged immovable property. Further, prayer has been made for quashing of order dtd. 26/4/2018 (Annexure P/6) passed by Additional District Magistrate, Fazilka on the application filed under Sec. 14 of the Act.

(2.) The petitioner No.1 is a registered charitable Society and is also running a Homeopathic Medical College at Abohar. The petitioner No.2 is Homeopathic Medical College. The District Magistrate, Fazilka, Punjab and Sind Bank, Rajendra Palace Branch, New Delhi and Punjab and Sind Bank, Abohar have been arrayed as respondents No.1 to 3 respectively in this writ petition.

(3.) Petitioner No.1 had been running a Homeopathic Medical College since 1975. The said college is affiliated with Guru Ravi Dass Ayurved University, Hoshiarpur. Petitioner No.1 approached the bank for availing credit facilities. The same were sanctioned on 25/5/2009. The limit of the term loans etc., were amended from time to time and vide order dtd. 27/3/2015, the limits of term loans were reconstructed. Repayment schedule was also amended.