SUSHIL KUMAR Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) By way of this writ petition, the petitioners have primarily prayed for the following relief:-

(2.) Having heard learned Senior Counsel appearing for the petitioners as also Mr. Arvind Sharma, learned Counsel for respondent-Bank, this Court is of the considered view that interest of justice would be served, in case, this petition is disposed of by granting liberty to the petitioners to avail their remedy against the Possession Notice, dtd. 13/4/2022 (Annexure P-2), as is provided under Sec. 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short SARFAESI Act). In the event of any application being filed by the petitioners under Sec. 17 of the SARFESI Act against order dtd. 13/4/2022, within a period of four weeks from today, then the same shall be treated to have been filed within limitation and the same shall be decided on merit by the learned Debt Recovery Tribunal. Alongwith the application, the petitioners may also file an application seeking interim relief and till appropriate order is not passed thereupon by learned Tribunal, no coercive action shall be taken against the petitioners on the basis of main demand notice. Till the decision of the said application, operation of Annexure P-3, 18/11/2022, shall remain in abeyance.

(3.) It is clarified that this Court has not expressed any view on the merit of the matter and the application shall be decided by the learned Tribunal on its own merit. It is further clarified that in case no application is preferred by the petitioners within four weeks from today, then this order will loose its efficacy.