RINA KALITA AND ANR Vs. UCO BANK MALIGAON BRANCH AND ANR
HIGH COURT OF GAUHATI
Rina Kalita And Anr
Uco Bank Maligaon Branch And Anr
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A.K. Goswami, A.C.J. -
(1.) Heard Mr. A. Tiwari, learned counsel appearing for the petitioners. Also heard Mr. B. K. Sen, learned counsel appearing for the respondents.
(2.) Respondent No. 2 had availed a loan of Rs. 50 Lakhs from the respondent bank, which was sanctioned on 05.12.2013 and, for the said purpose, land belonging to the petitioner No. 1 was mortgaged. The petitioner No. 2 is a proprietorial firm of the son of the petitioner No. 1 and it carries on business of pharmaceutical items. The loan account of the petitioners became Non-Performing Asset (NPA) on 31.08.2015. Because of such default in payment of the equated monthly installments (EMI), a Demand Notice, under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, "SARFAESI Act"), was issued to the petitioners. Thereafter, an e-auction notice was issued on 22.02.2016 as against which the petitioners filed an appeal under Section 17(1) of the SARFAESI Act before the Debt Recovery Tribunal (DRT), Guwahati Bench, which was registered as Application No. 22/2016, along with a Miscellaneous Application registered as M.A. No. 48/2016 praying for restraining the respondent bank from initiating any further steps pursuant to the e-auction notice dated 22.02.2016.
(3.) By an order dated 21.03.2016, the DRT, while restraining the respondent bank from taking any action pursuant to the e-auction notice dated 21.03.2016, directed the petitioners to pay a sum of Rs. 10 Lakh within seven days, i.e., on or before 30.03.2016, and the balance of the outstanding amount in eleven months @ 4.5 Lakh per month and the remaining amount, including interest, in twelfth installment. The petitioners deposited the amount of Rs. 10 Lakh on 30.03.2016. However, the petitioners did not pay the installments in terms of the direction of the DRT given in the order dated 21.03.2016.;
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