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Judgment
Sanjay K. Agrawal, J
Learned counsel for the petitioner submits that possession of secured assets has already been taken and partly, the secured assets have been
auctioned also. He further submits that the petitioner is ready and willing to deposit the entire amount, therefore, the respondent Bank be directed to
consider and enter into compromise.
Learned counsel for the respondent Bank submits that since possession has already been taken, the petitioner's remedy is to file application under
Section 17(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the SARFAESI
Act').
I have heard learned counsel for the parties.
Secured assets have already been taken possession of by the respondent Bank and remedy of the petitioner is to file application under Section 17(1)
of the SARFAESI Act before the Debts Recovery Tribunal for redressal of grievance, if any. However, the petitioner is at liberty to approach the
Bank for mutual settlement and it is for the Bank to consider. Ordered accordingly.
The writ petition stands finally disposed of with the aforesaid liberty reserved in favour of the petitioner. No order as to cost(s).