UNION BANK OF INDIA, GUWAHATI AND ANOTHER Vs. PABITRA PRAN SAIKIA
LAWS(GAU)-2018-4-76
HIGH COURT OF GAUHATI
Decided on April 10,2018

Union Bank Of India, Guwahati And Another Appellant
VERSUS
Pabitra Pran Saikia Respondents

JUDGEMENT

A. M. Bujor Barua, J. - (1.) Heard Mr. K. K. Bhatra, learned counsel for the petitioner and also Mr. S. K. Goswami, learned counsel for the respondent.
(2.) On 27.09.2007, the petitioner Bank had extended the facility of cash credit limit of Rs.150 lacs and a bank guarantee of Rs.46.69 lacs in favour of the respondent. The said facility of cash credit limit and bank guarantee was secured by creating equitable mortgage of certain properties of the respondent and of the guarantors. On 31.12.2010, the loan account of the respondent was classified as a non-performing asset (NPA).
(3.) In the resultant situation, a demand notice dated 24.01.2011 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short SARFAESI Act) was served on the respondent calling him to pay a sum of Rs.1,88,28,279/-, along with interest at the contractual rate as per the terms and conditions of the loan documents, with further requirement to discharge the liabilities within 60 days from the date of the notice. On 09.04.2011, the petitioner Bank served another notice dated 09.04.2011, calling upon the respondent to handover/surrender the secured assets. On 12.04.2011, the respondent made a representation against the notice under Section 13(2) of the SARFAESI Act, but the same was rejected on 19.04.2011 for the reason of being made beyond that statutory period prescribed for the purpose.;


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