High Court of Punjab and HaryanaCWP/6141/2023dismissed

M/S Kuber Seeds And Another v. Authorized Officer And Others

2023-05-24Mr. Justice Gurmeet Singh Sandhawalia,Ms. Justice Harpreet Kaur Jeewan2 pages

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6 7, )//)# )# )3#/-#)/)-&&( ' ( !1 8The challenge is to the notice dated 31.01.2023 (Annexure P-8), issued under Section 13 (4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred as the Act of 2002). A perusal of the paper-book would go on to show that the dues were over 1,00,00,000/- when notice under Section 13 (2) of the Act of 2002 was issued on 12.09.2022 (Annexure P-5). Thereafter, notice dated 31.01.2023 (Annexure P-8), under Section 13 (4) of the Act of 2002 has also been issued. Therefore, the petitioners have an alternate remedy.

A perusal of the paper-book would also go on to show that an One Time Settlement (OTS) has also been given by the Bank on 24.11.2022 whereby the payment has been deferred till 23.05.2023. The petitioners have defaulted also in the said payment, though they had paid 36,80,000/-.

Counsel for the petitioners prays for time to seek instructions whether the petitioners are willing to pay a sum of 20,00,000/- to show their bona fide.

It is further pointed out that the auction is fixed for 28.03.2023. Adjourned to 28.03.2023.9 NAVEEN NAGPAL 2023.05.25 11:08 I attest to the accuracy and authenticity of this order/judgment Chandigarh

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B " A &! B " NAVEEN NAGPAL 2023.05.25 11:08 I attest to the accuracy and authenticity of this order/judgment Chandigarh