M/S Jai Durge Traders v. Indian Overseas Bank
IN THE HIGH COURT OF PUNJAB & HARYANA
AT CHANDIGARH Civil Writ Petition No. 6384 of 2021 (O&M) Date of Decision: 26.07.2021 M/s. Jai Durga Traders, Faridabad .......... Petitioner
Versus
Indian Overseas Bank, Faridabad .......... Respondent CORAM: HON'BLE MR. JUSTICE JASWANT SINGH HON'BLE MR. JUSTICE GIRISH AGNIHOTRI
Present:
Mr. Vivek Singla, Advocate for the petitioner.
[ The aforesaid presence is being recorded through video conferencing since the proceedings are being conducted in virtual court ] **** JASWANT SINGH, J. (ORAL) The petitioner, a proprietorship concern, had availed two (02) loans, i.e. (i) OCC Limit for a sum of ` 25 Lakhs; and (ii) Term loan of ` 20 Lakhs, on 17.03.2009 (Annexure P-1) from the Indian Overseas Bank, Faridabad - respondent. Both the accounts were declared Non-Performing Asset (NPA) on 01.07.2014. A Demand Notice under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "the SARFAESI Act, 2002") was issued on 18.12.2014 and thereafter, a notice under Section 13 (4) of the SARFAESI Act, 2002, for symbolic possession was issued on 24.02.2015.
The One Time Settlement (OTS) proposal was sanctioned for a sum of ` 36 Lakhs against the total outstanding ` 54,67,137/- vide memo dated 15.01.2018 (Annexure P-2). Due to petitioner not honouring the commitment, the said OTS was cancelled vide memo dated 03.04.2018 DINESH KUMAR 2021.07.
C.W.P. No. 6384 of 2021 (O&M) -2- (Annexure P-3). The two (02) mortgaged properties, i.e. Plot No. 26 and Plot No. 71, Dabua Colony, Faridabad, were put to E-Auction vide Notice dated 21.07.2018 (Annexure P-4). Due to no bid, the auction could not fructify. Thereafter, another Sale Notice dated 24.02.2021 (Annexure P-7) for a recovery of outstanding amount of rupees over one (01) crore was notified, which has been challenged in the instant writ petition. The primary grievance is that one of the properties bearing Plot No. 26 is being put to auction for a reserve price of ` 12 Lakhs, whereas the petitioner has a buyer who is ready to offer ` 13 Lakhs. It is, however, conceded that pursuant to the Sale Notice dated 24.02.2021 (P-7), the auction was conducted on 19.03.2021, when nobody offered any bid, including the said buyer now being introduced by the petitioner. At the time of hearing, counsel for the petitioner prays for permission to withdraw the writ petition to enable his client to pursue the remedy before the Bank or before the Debts Recovery Tribunal (DRT), as the case may be.
Permitted to do so.
Dismissed as withdrawn with the liberty, as prayed for. ( JASWANT SINGH ) JUDGE July 26, 2021 ( GIRISH AGNIHOTRI ) 'dk kamra'
JUDGE Whether Speaking/reasoned Yes/No Whether Reportable Yes/No DINESH KUMAR 2021.07.27 11:31 I attest to the accuracy and integrity of this document