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Judgment
This matter is taken up through hybrid mode.
The Petitioner is stated to have availed loan facilities for business and housing from IDBI Bank Limited in the year 2015. Due to lack of financial discipline, both the accounts were declared NPA accounts on 30th of August, 2018. Demand Notice under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the SARFAESI Act" for brevity) was issued on 17th November, 2018 seeking to recall a sum of Rs.69,50,000/- ( rupees sixteen nine lakh and fifty thousand only) due as on 30th of September, 2018 along with interest and other charges. Possession Notice under Section 13 (4) of the SARFAESI Act was issued on 24th of January, 2019 assuming symbolic possession.
The challenge in the present Writ Petition is laid to the Notice dated 17th November, 2021 issued by the Authorised Officer, IDBI Bank Ltd. (Annexure-3), whereby the Petitioner/ borrower along the guarantor have been asked to vacate the premises.
The counsel for the Petitioner has prayed for intervention of this Court for directing the Bank to accept the One Time Settlement proposal subject to the Petitioner paying a sum as a token money as determined by this Court.
Upon request of this Court, the counsel for the Bank has sought instructions whereby it has emerged that the amount due as on today is Rs.1,02,00,000/- (rupees one crore and two lakh only) and the business of the Petitioner also stands closed. 6. In view of the aforesaid factual situation and no statutory violation pointed out by the Petitioner in the recovery process initiated by the Bank, we have no other option left except to dismiss the Writ Petition.
Accordingly, this Writ Petition is dismissed.
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