- (1.) The petitioner has approached this Court with a prayer for issuance of direction to respondents to consider his request to settle the overdue amount as on 31.3.2010. According to the averments made by the petitioner, he is ready to deposit the overdue amount as on 31.3.2010.
(2.) Written statement by respondent- bank has been filed and a preliminary objection has been taken that the petitioner has statutory remedy under the provisions of Security and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity 'the Act') to initiate proceedings which is an efficacious remedy. According to the respondents, the petitioner is liable to pay the entire outstanding amount as the same has been declared as NPA as per the norms fixed by the Reserve Bank of India. According to Mr. I.P. Singh, learned counsel for the respondent bank after issuance of notice under Section 13(2) of the Act the petitioner has failed to pay the outstanding amount within a period of 60 days. Thereafter the bank, who is a secured creditor, has the right to proceed under Section 13(4) of the Act to take possession of the mortgaged property and to sell the same.
(3.) Mr. I.P. Singh, learned counsel for the respondent bank has also stated that proceedings have already been initiated in the Debt Recovery Tribunal and no useful purpose would be served as efficacious remedy is available.;