Jammu And Kashmir Bank Ltd & Anr vs Ghulam Sarwar Farooqi & Ors

During pendency of the instant writ petition, Mr. Altaf Haqani, learned senior counsel appearing for the respondents-borrowers, submitted that the subject of proceedings initiated by the Petitioner-Bank under section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short the SARFAESI Act), for repayment of the amount as mentioned in the notice issued under section 17(2) of the SARFAESI Act, issued by the Jammu and Kashmir Bank Limited Branch Office Air Cargo, Metro International Office Complex, Rajbagh, Srinagar, stands settled under Special One Time Settlement (OTS) 2021 on 14.03.2022.

Mr Haqani, learned senior counsel sought disposal of the writ petition with reference to the settlement as arrived between the parties outside the Court on the subject.

Mr. Z. A. Shah, learned senior counsel appearing on behalf Petitioner-Bank on noticing the submission of the Mr. Haqani, learned senior counsel for the borrowers-respondents, sought time to seek instructions through his Assisting Counsel Mr. A. Hanan.

Today when the matter was taken up for consideration, Mr. A. Hanan, learned Assisting Counsel with Mr. Z. A. Shah, learned senior counsel appearing on behalf Petitioner-Bank, submitted a photocopy of communication made by the Jammu and Kashmir Bank Limited, Branch Office Air Cargo, Metro International Office Complex, Rajbagh, Srinagar, in terms whereof, Zonal Office, Jammu and Kashmir, Zone Srinagar, has been informed, that the borrowers in case titled Jammu and Kashmir Bank Ltd & Anr vs Ghulam Sarwar Farooqi & Ors, have settled the loan account with the Branch under Special OTS-2021 on 14.03.2022. The communication is taken on record.

Mr. Z. A. Shah, learned senior counsel appearing on behalf of Petitioner-Bank submits that in terms of the communication the settlement is qua the loan borrowed by the Respondents 1 and 2 from Jammu and Kashmir Bank Limited Branch Office Air Cargo, Metro International Office Complex, Rajbagh, Srinagar, which formed the basis for initiating the recovery proceedings in terms of notice issued under section 13(2) of the SARFAESI Act on 18.05.2010, followed by possession notice issued under section 34 of the SARFAESI Act, on 17.08.2017, which was published in daily local newspaper Greater Kashmir in its issued dated 17.08.2017.

Since the respondents-borrowers have settled the repayment of the loan, subject matter of proceedings in the instant writ petition as also in the appeal filed before the Additional District Judge, Srinagar, with the Petitioner-Bank, therefore, the writ petition filed by the Petitioner-Bank shall settled on the above terms.

We make it clear that disposal of the writ petition is only with respect to the loan borrowed by the respondents from Jammu and Kashmir Bank Limited Branch Office Air Cargo, Metro International Office Complex, Rajbagh, Srinagar.

Writ petition disposed of on the above terms.