- (1.) The present writ petition has been filed praying for issuance of a writ in the nature of mandamus directing the respondents to release the property situated in Field Ganj, mortgaged with the bank and to allow the petitioner to sell the same in open market and the proceeds of the same be taken directly by the bank at the time of execution of the sale deed.
(2.) The pleaded case of the petitioners is that petitioner No.1 & 2 are running a manufacturing and exporting iron goods business in the name of NV International and in the year 2003 took cash credit limit of '12 lacs along with Packing Credit Limit of '30 lacs and also an Open Limit of Bill Purchasing along with housing loan from the respondent-Bank. The petitioner had mortgaged 3 shops bearing Nos.51, 52 & 53 forming part of property No.21-165/98 situated at Bansal Complex, Gill Road, Industrial Area-B, Ludhiana and two more properties namely a plot in Field Ganj, Ludhiana & another plot situated at Model Town Extension, Ludhiana with the Bank.
(3.) Because of financial problems, the petitioners could not repay the loan as agreed and subsequently, the petitioner was declared as defaulter and on 04.10.2004, was served with notice under Section 13(2) of the Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (hereinafter referred to as the 'SARFAESI Act'). The petitioners had deposited '7 lacs on 31.03.2005 and again, a sum of '19 lacs with the respondent-Bank and requested the bank that they should be allowed to conduct their businesses so that the loan could be repaid. Notice under Section 13(4) of the Act was served on 17.12.2010 and request was made to the bank officials for grant of 4 months' period to pay the entire outstanding amount by selling the properties but instead of granting the permission, the respondent-Bank published the possession-cum-sale notice on 23.12.2010. The petitioners approached the bank requesting them to grant permission to sell the mortgaged property but they did not pay any heed to the request of the petitioners and the bank was bent upon to sell the mortgaged shops bearing Nos.51, 52, 53 forming part of property No.21.- 165/98 situated at Bansal Complex, Gill Road, Industrial Area-B, Ludhiana at a low price by inviting offers in sealed cover. ;