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Judgment
This matter is taken up through Hybrid Mode.
The petitioner was a guarantor in a cash credit facility availed by his son Raj Kumar Agarwal from Oriental Bank of Commerce and as a collateral security offered his residential house along with vacant land owned by him on 01.01.2013. It transpires that the said house has also been offered as a collateral security for a term loan availed by the son-in-law of the petitioner. The bank on account of lack of financial discipline in the cash credit facility availed, initiated the process of recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "Act, 2002"). By filing the present writ petition, the petitioner has challenged the recovery process initiated.
Mr. Kar, the panel lawyer for the Punjab National Bank, with whom the erstwhile Oriental Bank of Commerce has now merged, on our asking appears and states that the present writ petition has become infructuous due to efflux of time and probably the completion of proceedings.
In view of the aforesaid statement, we dispose of the writ petition as infructuous. However, liberty is granted to the petitioner to seek his revival within two months from today in case any cause remains pertaining to the stage as set out in the present writ petition.