PARITRAN TRUST Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Seeking quashing of notice dated 09.12.2011 issued under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and for issuance of a writ of mandamus directing the respondentBanks to immediately reschedule the termloan sanctioned in favour of the petitionerTrust and for disbursement of loan of Rs. 21.44 crores, the petitioner has approached this Court by filing the present writ petition.

(2.) The facts narrated in the writ petition are briefly summarized thus;

(3.) A counteraffidavit has been filed on behalf of the respondent nos. 1 and 2, the lead bank, taking an objection to the maintainability of the writ petition stating that in view of the judgments of the Hon'ble Supreme Court, the writ petition is not maintainable as the petitioner has an alternative efficacious remedy under Section 17 of the SARFAESI Act, 2002. The petitionerTrust was demanded a sum of Rs. 98,65,47,296.75/ with future and pendentelite interest however, the Trust neither paid any interest nor installment as per the repayment schedule. Due to nonpayment of interest and installments the account became overdue for more than 90 days and as such the account was categorised as NPA on 31.03.2011 by the Punjab National Bank, by the Oriental Bank of Commerce on 31.12.2010 and by the Union Bank of India on 30.09.2010. The petitioner was thereafter allowed about 9 months' time to repay the overdue amount however, the petitioner did not respond and therefore, the respondentbank was compelled to issue notice under Section 13 (2) of the SARFAESI Act, 2002. The representation of the petitionerTrust was considered by the respondentbank, being the leader of the consortium bank and reschedulement of loan account was refused on account of various reasons, one of the reasons was that the allied concern of the petitionerTrust namely, Maa Lalita Hospital and Research Centre had already come under NPA category and therefore, request for sanctioning additional term loan could not have been considered. The respondentbank has already initiated action under Section 13 (4) of the SARFAESI Act, 2002 and issued possession notice dated 07.08.2012 which was duly affixed at the site and published in leading newspapers on 12.08.2012 and 13.08.2012 however, the petitioner suppressed the material facts from the Court and obtained an interim protection vide order dated 25.09.2012.