- (1.) BY the Court. -Heard the parties.
(2.) ON the matter of stay, while issuing notices to respondent Nos. 4 and 5 by order dated 15th October. 2012. this Court had granted ad -interim stay of operation of the impugned order dated 11.10.2012. On notice the respondent Nos. 4 and 5 have appeared and filed counter -affidavit. It has been stated. inter alia., that one Smt. Jayanti Devi had availed the cash credit of Rs. 60 lacs from Allahabad Bank. GEL Church Branch. Ranchi in which one Vikram kumar Tiwary was the guarantor and extended equitable mortgage of land and building situated at village Chiraundi. P.S. Baraitu. Thana No. 186. khata No. 74. Plot No. 193. Sub -Plot N. 193/3. Subsequently the borrower's account was declared Non -Performing Asset (NPA) on 28.4.2012.
(3.) THE authorised officer of the bank issued notice dated 30.4.2012 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act. 2002 (hereinafter to be referred as the SARFAESI Act) addressed to the guarantor with a copy to the borrower calling upon them to pay a sum of Rs. 63.67 lacs with interest.;