NANDAN GHAR SANSAR DEVELOPERS PVT.LTD., THROUGH ITS MANAGING DIRECTOR Vs. UCO BANK (UNITED COMMERCIAL BANK) HEAD OFFICE-10

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) When this matter was argued and taken up for the first time on 28.1.2009 a Bench of this Court passed the order of restraint against the respondent UCO Bank in a proceeding which was initiated under SARFAESI Act. A brief background to the prayer made on behalf of the petitioner has also been noted in the said order. From a reading of the said order it is evident that the Court wanted to give an opportunity to petitioner to come out of imminent action contemplated against him, for default in payment of loan amount when the account became NPA. Since the industry was at its nascent stage a kind of protection was extended against enforcement of payment of loan amount. Petitioner was given some breathing space and time to work out ways and means.

(3.) Taking queue from the said order dated 28.1.2009 the Court has been pleased to extend the protection as well as given directions to the parties to the dispute from time to time. But as the things stand today after passage of more than a year not much difference has been made to the basic dispute which this Court is confronted with. With more earnest a prayer on behalf of the petitioner is made for extending the order of stay or protection at least by six months.