Rama Pramanik vs Union Bank & Ors.

Despite service of notice, no one appeared on behalf of the bank authorities even after three calls. Heard the learned counsel for the petitioner. The

facts of the case are such that the son-in-law of the petitioner was the proprietor of M/s. Kamla & Sons who approached the respondent Bank

requesting for sanction of credit facilities for a sum of Rs. 8 lacs. The respondent Bank represented to the petitioner and the son-in-law of the

petitioner that the loan amount of Rs. 8 lakhs should be secured and that security in the nature of immovable property would only be accepted. The

petitioner became the guarantor for her son-in-law and she kept her property situated at Land and Building at Khatian No. 179, Dag No. 4538, Naya

Patti, Salt Lake area, area of which is 1 cottah, 2 chhatak and 10 sq. ft., P.S. Electronic Complex, Mauza Krishnapur, North 24 Parganas as collateral

security to such loan.

The petitioner was the owner of the said property by virtue of a deed of conveyance and the property was subsequently mutated in her name. Under

such situation, the credit facilities were advanced in favour of M/s. Kamla & Sons in the nature of a cash credit to the tune of Rs. 8 lacs and equitable

mortgage of the house of the petitioner was created thereby. The son-in-law of the petitioner is absconding. Suddenly, the petitioner received a

demand notice dated September 12, 2017 under Section 13(2) of the Securitisation and Reconstruction of the Financial Assets and Enforcement of

Security Interest Act, 2002 (hereinafter referred to as the said Act) by the respondent Bank, inter alia, claiming the payment and liquidation of the

dues upon the account being declared NPA.

In response to the said notice under Section 13(2) of the said Act, the petitioner submitted her reply to the Branch Manager, Union Bank of India, Salt

Lake City Branch. In the said reply, the petitioner expressed her willingness to repay the entire amount provided a period of 90 days was given to her

by the Bank. By a letter dated November 6, 2017, the Bank turned down such requests. It appears from the record that the matter also went to the

Lok Adalat on February 10, 2018 but the negotiations failed.

The Bank sent a notice dated May 7, 2018 for taking possession of the assets in connection with the credit facilities enjoyed by M/s. Kamla & Sons.

The petitioner is at present aggrieved by the said notice. On being questioned as to why the remedy of the petitioner before the learned Tribunal under

the said Act was not availed of by the petitioner, the petitioner informs this court that the learned Tribunal will not be available on and from May 18,

2018 to June 4, 2018.

The petitioner further submits on instruction that she is still in possession of the property which has been given as the collateral security to the Bank

authorities. From the notice dated May 7, 2018, it appears that the date and time mentioned, when the Bank is going to take possession is May 23,

2018 between 10.30 A.M. to 5.30 P.M. and there is an urgency involved. Having perused the relevant documents and after having heard the learned

counsel, I find that there has been some delay on the part of the petitioner as she had sometime to approach the learned Tribunal under the said Act.

However, from the records, it is found that the son-in-law of the petitioner for whom she was a guarantor, is absconding, and the son-in-law has

abandoned the daughter of the petitioner who is now dependent on her mother. It appears that the petitioner is willing to liquidate the dues of the Bank

within a specified period. I consider that this is a matter which can be taken up and disposed of with the following directions:

i) the petitioner shall pay an amount of Rs. 3 lacs within a fortnight from date against cash credit account being loan amount to A/c. No.

460905010000037 in the name of M/s. Kamla & Sons.

ii) the remaining amount shall be paid in two equal monthly instalments, first of which is to be paid by July 1, 2018 and the second one is to be paid by

September 1, 2018 provided that if there is any remaining amount, the same shall be paid alongwith the second instalment.

iii) On failure of the payment of the amount of Rs. 3 lacs within a period of fortnight and/or any other instalment within the dates as indicated above,

the Bank shall proceed to take possession of the land and property in question.

It is further directed that there shall be an unconditional stay of the notice dated May 7, 2018 for a period of fortnight. On payment of Rs. 3 lakhs, the

stay shall continue. If the petitioner liquidates the entire amount payable to the Bank within the period, as aforesaid, the Bank shall not take any further

steps against the petitioner. If the petitioner fails to liquidate the amount as aforesaid, the Bank will proceed according to law. With the above

directions, the writ petition stands disposed of. Liberty to mention. There shall be no order as to costs. Urgent photostat certified copy of this order, if

applied for, shall be given to the parties as expeditiously as possible on compliance of all necessary formalities.