PRANESH TRIKHA Vs. RANDEEP LATAWA

JUDGEMENT

(1.) Contempt petition has been filed pleading wilful disobedience of order dated 26.4.2018 passed in CWP No. 2314 of 2018.

(2.) Necessary facts in brief are that the petitioners availed a loan facility of Rs. 4.71 crores on 29.3.2016 from State Bank of India, Kalandri Gate Branch, Karnal. The cash credit limit was of Rs. 2.75 crores and term loan was of Rs. 1.96 crores. To secure loan, residential house and a factory in the area of 3 kanal 16 marlas was mortgaged. The petitioners were not able to maintain the financial discipline and the accounts were declared as Non Performing Asset (NPA) in 2017. Notice under Section 13 (2) of The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 ( for short 'the Act') was issued on 15.9.2017, there was due amount of Rs. 3.6 crores. Notice dated 30.12.2017 under Section 13(4) of the Act was issued. As no payments were made, the bank proceeded under Section 14 of the Act to have physical possession of mortgaged properties. An order was passed on 24.1.2018 by District Magistrate, Karnal to provide police help to take possession of the properties mortgaged.

(3.) Aggrieved of proceedings under the Act, the petitioners filed CWP No. 2314 of 2018. Notice of motion was issued and status-quo only with regard to residential house was granted. In the meantime, the petitioners were given liberty to approach the Bank with a prospective buyer, if the bank so agreed tripartite agreement was to be executed and the prospective buyer was obliged to pay amount directly to Bank. The writ was finally disposed of on 26.4.2018. The operational part is reproduced below: