Ashutosh Kumar Sahay vs The State of Jharkhand, & Ors.

Heard counsel for the petitioner and the Bank.

Petitioner / borrower has approached this Court after having lost in SARFAESI Appeal No. 13/2015 before the Learned Debt Recovery Tribunal, Ranchi.

After issuance of notice under section 13(2) on 11.07.2014, possession notice under section 13(4) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was also issued on 23.12.2014 which was the subject matter of SARFAESI Appeal also. Learned Debt Recovery Tribunal considered the stand of the petitioner and objection of the Bank and came to a finding that the petitioner had not responded to the notice under section 13(2) of the Act within the time prescribed. He had consumed more than 120 days in making a representation which the Bank was not obliged to consider. Learned Learned Debt Recovery Tribunal did not find infirmity in the enforcement proceedings adopted by the Bank. The loan account which has been converted as Non Performing Assets

(NPA) is of Rs. 12,16,082/- along with interest and charges, may have swelled up by

now. Bank therefore has proceeded in terms of SARFAESI Act for its realization by resorting to the provisions under the Act.

On 10.08.2015 itself, petitioner was granted time to show intention to pay outstanding dues as per the request made on his behalf itself. Till date however, no affidavit showing any proposal for liquidation of the outstanding dues have been filed by the petitioner. Learned counsel for the petitioner however submits that the petitioner is still inclined to repudiate the loan account.

Learned counsel for the Respondent Bank submits that the mortgaged assets of the borrower have however not been auctioned till date. Petitioner has also not come forward with any concrete request for repudiation of the outstanding dues.

Upon consideration of the relevant material facts and the submissions of the parties, no grounds are made out for interference in the impugned order. However, it is up to the petitioner to approach the Respondent Bank with a concrete proposal to repudiate the outstanding dues, as on date, within a period of two weeks from today.

In case, the the petitioner shows a real intent and purpose to liquidate the outstanding dues in respect of his loan account within time, as indicated herein-above, it is open for the Respondent Bank to consider it, in accordance with law.

Writ petition is accordingly disposed of without interfering in the impugned order.