KRISHNA TRADERS Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Heard learned counsel for the petitioners.

(2.) Petitioners have preferred this writ petition for quashing of the notice dtd. 30/12/2016 issued under Sec. 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act. (SARFAESI) 2002 (for short 'the Act') and to restrain the respondents from proceeding ahead in pursuance of the said notice.

(3.) It appears that the petitioner and its partners had taken two separate financial assistances from the respondent-Bank and in connection of both of them there was a default whereupon proceedings under Sec. 13(2) and 13 (4) of the Act were initiated but subsequently petitioner entered into one time settlement with the Bank in respect of both the loan amounts and the settlement was duly approved on 14/11/2012.