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Judgment
Heard learned counsel for the parties and perused the record.
Petitioner is a trustee of a Trust known as ""M/s Aradhya Sanakriti Educational & Charitqble Trust"", which runs a school in Roorkee, District
Haridwar. According to the petitioner, Trust had borrowed Rs. 1.75 crore (Rupees One Crore & Seventy Five Lakh Only) in the year 2015 from
the Bank of Baroda, Civil Line Roorkee Branch, District Haridwar for establishing the school. Due to financial constraints, the Trust could not
repay the loan in time, consequently, the Bank has initiated proceedings under Securitisation & Reconstruction of Financial Assess and
Enforcement of Security Interest Act, 2002 (from hereinafter referred to as ""SARFAESI Act"").
Learned counsel for the petitioner confines his prayer and submits that petitioner may be permitted to approach the Competent Authority in the
Bank with a direction to the Competent Authority to look into petitioner''s request for revaluation of assets of the mortgaged property with the
Bank and take appropriate decision thereupon.
Sri Siddartha Sah, learned counsel for the Bank submits that if petitioner makes a representation to the Branch Manager/Authorised Officer of
the Bank on or before 10.01.2018, the Bank shall look into the matter and take a decision in the matter sympathetically.
Accordingly, the writ petition is disposed of with liberty to petitioner to make a fresh representation to the Branch Manager/Authorized Officer
of the Bank on or before 10.01.2018. If such representation is made, Branch Manager/Authorized Officer shall look into the matter and take
appropriate decision, in accordance with law, within two days thereafter.
It is made clear that there is no restrained order passed against the auction proceedings, which may continue in accordance with law.
Let certified copy of this order be supplied to petitioner today itself on the payment of usual charges.