NKGSB CO-OPERATIVE BANK LTD Vs. TRINITY ENTERPRISES

JUDGEMENT

(1.) THIS Appeal under Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act") has been directed by the original respondent (hereinafter referred as the "Appellant") against the impugned order dated 25th March, 2013 passed by Mr. V.N. Lothey Patil, the learned Presiding Officer (learned P.O.), Debts Recovery Tribunal -III (DRT), Mumbai in Securitisation Application (S.A.) No. 50/2013, whereby the learned Presiding Officer has allowed the aforesaid S.A. filed by the respondents in the following terms:

(2.) THE appellant after classifying the account of the respondent as Non -Performing Asset (NPA), proceeded under the SARFAESI Act to realize its dues. The Authorized Officer of the appellant issued two demand notices on 1st February, 2011 under Section 13(2) of the SARFAESI Act to the borrowers, calling upon them to pay the outstanding dues sanctioned under various credit facilities as mentioned therein. But the borrowers could not pay the amount and as per the demand notice, the Authorized Officer took over the symbolic possession of the said shops on 2nd August, 2011. The Authorized Officer of the appellant Bank accordingly, published the possession notice in the newspaper.

(3.) THE respondents feeling aggrieved by the measures taken by the Authorized Officer, taking over the physical possession of the said shops, on the basis of the aforesaid order passed by the District Magistrate, Thane., filed Appeal/Securitisation Application (S.A.) No. 50/2013 under Section 17 of the SARFAESI Act in the DRT -III, Mumbai.