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High Court of Punjab and HaryanaCWP/30832/2018disposed of

Oriental Bank Of Commerce v. M/S M H Textiles Pvt Ltd And Others

2018-12-05Mr. Justice R.C. Kathuria (Retd.),Mr. Justice Harinder Singh Sidhu2 pages

CWP-30832-2018 -1IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH CWP-30832-2018 Date of Decision: 5.12.2018 Oriental Bank of Commerce

...Petitioner

Versus

M/s M.H. Textiles Pvt. Ltd., Delhi and others

...Respondents

CORAM:- HON'BLE MR. JUSTICE AJAY KUMAR MITTAL. HON'BLE MRS. JUSTICE MANJARI NEHRU KAUL.

PRESENT: Mr. Yogesh Putney, Advocate for the petitioner. AJAY KUMAR MITTAL, J.

1.

In this writ petition filed under Articles 226/227 of the Constitution of India, the petitioner has prayed for issuance of a writ of mandamus directing respondent No.6 to decide the application dated 2.7.2018 (Annexure P-4) moved by the petitioner under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "the SARFAESI Act"). 2.

The petitioner got sanctioned the credit facilities, i.e. Cash Credit Limit of ` 15 lakhs and Term Loan of ` 75 lakhs to respondent No.1. The said Cash Credit Limit was enhanced from time to time to ` 300 lakhs in the year 2013 on the renewed document dated 31.3.2015. Respondent No.1 mortgaged the immovable property as mentioned in para 5 of the writ petition in favour of the petitioner. Respondent No.1 had defaulted in repayment of principal debt/installments and interest thereon and, therefore, its account was declared as Non-Performing Account (NPA) on 31.3.2018. A notice dated 2.4.2018 (Annexure P-2) under Section 13(2) of the GURBACHAN SINGH 2018.12.11 11:15 I attest to the accuracy and integrity of this document

CWP-30832-2018 -2SARFAESI Act was issued to the respondents through registered post raising a demand of ` 3,14,76,513.05 as on 1.4.2018. Since, respondent No.1 failed to make the loan amount in question, the petitioner took possession of the mortgaged property vide notice dated 6.6.2018 (Annexure P-3). Thereafter, the petitioner filed an application dated 2.7.2018 (Annexure P-4) under Section 14 of the SARFAESI Act before respondent No.6 for taking physical possession of the mortgaged property, but no response has been received till date. Hence, the present writ petition. 3.

Learned counsel for the petitioner submitted that for the relief claimed in the writ petition, the petitioner has moved an application dated 2.7.2018 (Annexure P-4) under Section 14 of the SARFAESI Act before respondent No.6, but no action has so far been taken thereon. 4.

After hearing learned counsel for the petitioner, perusing the present petition and without expressing any opinion on the merits of the case, we dispose of the present petition by directing respondent No.6 to take a decision on the application dated 2.7.2018 (Annexure P-4), in accordance with law by passing a speaking order and after affording an opportunity of hearing to the concerned parties within a period of six weeks from the date of receipt of the certified copy of the order. (AJAY KUMAR MITTAL) JUDGE December 5, 2018 (MANJARI NEHRU KAUL) gbs JUDGE Whether Speaking/Reasoned Yes/No Whether Reportable Yes/No GURBACHAN SINGH 2018.12.11 11:15 I attest to the accuracy and integrity of this document