- (1.) The petitioner has availed cash credit facility of Rs.5 lacs in the year, 2008 and he has mortgaged his residential house measuring 92 Sq. Yds as the guarantee with the respondent-Bank. The account was declared non-performing asset and on 10.05.2010, a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act') to pay a sum of Rs.5,33,630/- was served.
(2.) The petitioner, immediately, filed objections under Section 13(3-A) of the SARFAESI Act before the Bank for regularization of his account, which, the Bank was obliged to decide within a period of one week. However, he made a payment of Rs.40,000/- on 06.07.2010 on the advice tendered by the respondent-Bank and the total sum paid up to 29.01.2011 was Rs.10,52,900/- as per Calculation Sheet (Annexure A-1). Out of the notified amount of Rs.5,33,630/- under Section 13(2) of the SARFAESI Act, the petitioner has already deposited a sum of Rs.4,75,000/-.
(3.) The respondent-Bank has filed the reply and has raised the preliminary objection that an appeal would be competent under Section 17 of the SARFAESI Act. The objections, which the petitioner has filed, have not been decided. It has not been disputed that the petitioner has paid a sum of Rs.10,52,900/- up to 29.01.2011 as against the cash credit facility of Rs.5,00,000/- availed by him. He has a small house of 92 Sq. Yds., which is mortgaged with the Bank, which shows that it was a commercial loan.;