TARUN AGARWAL & ORS. Vs. BANK OF BARODA

JUDGEMENT

(1.) The instant writ petition is preferred seeking to assail the action of the respondent bank in issuing notice for sale of secured assets for recovery of its dues. The petitioners claim to be related to the borrower Rakesh Agarwal who is reportedly in custody and feel threat that the bank may oust them from the residential property without any justification.

(2.) Learned counsel Mr. Solanki concedes that the statutory remedy of appeal under Section 17 of SARFAESI Act is available against the impugned action. However, he states that regular sittings are not being held by the Debts Recovery Tribunal, Jaipur on account of vacancy of the post of President. He further expresses that the petitioners are ready to clear off the creditor's dues and that in case protection is given against coercive action for a period of four weeks, it shall be ensured that the dues of the bank are settled.

(3.) In this background, the petitioners/borrower are given liberty to file an appeal before the D.R.T. against the impugned recovery proceedings within a period of four weeks from today whereupon the same shall be treated as being within limitation. For the next four weeks i.e. 7.5.2018 no coercive steps shall be taken against the petitioners in relation to questioned recovery process.