HAMDARD ENGINEERING Vs. CITY UNION BANK LIMITED, AMRITSAR

JUDGEMENT

(1.) Petitioner-Firm has filed the present writ petition seeking quashing of demand notice dated 03.07.2019 (Annexure P-1) issued under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "SARFAESI Act, 2002) alongwith possession notice dated 18.09.2019 (Annexure P-2) issued under Section 13(4) of the SARFAESI Act, 2002 on the ground that it is ready to settle the dispute by way of one time settlement as the petitioner-firm has a prospective buyer who has given its consent to purchase the property.

(2.) We have heard learned counsel for petitioner and have perused the paper book. However, we are of the view that present petition is liable to be dismissed.

(3.) Admittedly, the petitioner-firm is a defaulter of respondent-Bank and as on 03.07.2019 an amount of Rs. 7,12,90,740/- is outstanding towards it as against a total loan of 7.05 crores taken by it at various points of time whose details have been reproduced at page 5 of the paper-book. It is further not in dispute that the petitioner-firm has been declared as a Non-Performing Asset (for short "NPA") on 30.09.2018 and not even a single penny has been paid by it thereafter. Consequently, the respondent-bank had initiated proceedings under various provisions of the SARFAESI Act, 2002 to recover the money, which was the only way with it to secure the lent amount. Once that it so, we do not see how the present petition is maintainable, as the petitioner-firm expects us to interfere in the due process of law adopted by the Bank at this stage when the possession has been taken way back on 18.09.2019 (P-2). The petitioner-firm, at best, has an alternative efficacious remedy to approach the Tribunal under the provisions of SARFAESI Act, 2002 which we are informed have not been availed till date.