JAI DURGE AUTOMOBILE Vs. JAMMU AND KASHMIR BANK

JUDGEMENT

(1.) The petitioner-M/S Jai Durge Automobile, through the medium of the present petition, seeks quashment of a Communication No. NT/MU/24-25/136-40 dtd. 9/12/2024 addressed by the respondent No. 3-Naib Tehsildar, Executive Magistrate Muthi Jammu, whereby Serial No. 10 the respondent No. 1-Jammu and Kashmir Bank Ltd has been directed to take into possession the residential house constructed over land measuring 9 marlas falling under khasra No. 712/413 min situated at Lane No. 7, Netar Kothey, Lower Barnai, Jammu, in terms of Sec. 14 of the SARFAESI Act, 2002 and a further direction to the respondents to consider the case of the petitioner under OTS Scheme and grant a considerable time to clear the dues.

(2.) Mr. Chauhan, learned counsel for the petitioner, submits that the petitioner had raised loan from the respondentJammu and Kashmir Bank Ltd, however, due to certain personal difficulties, the loan could not be repaid and the petitioner intends to liquidate the amount provided he is given some time to liquidate the same by way of installments keeping in view the financial difficulties faced by the petitioner.

(3.) He has further argued that the respondents have taken an action whereby the residential house which had been mortgaged for raising the loan is being sealed and divesting the proprietor of the petitioner-firm shall create great deal of difficulties to his family and prayed that as an interim measure, the impugned communication be stayed till the matter is finally disposed of.