Aparesh Kumar Singh, J. - (1.) Petitioner has approached this Court seeking a direction upon the Respondent No. 1 not to execute the delivery of physical possession of a secured asset being Flat No. C-4 Maharana Apartment, P.P. Compound, Hindpiri, Ranchi by Magistrate and force in purported exercise of Section 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'Act of 2002').
(2.) According to the petitioner, he is a partner of M/s Avas Food Processing. Two loans were advanced by the Respondent Bank being Cash Credit Account No. 4111050000030 and Term Loan Account No. 41110600000123 for a total sanctioned amount of Rs. 40.00 lakhs and Rs. 20.00 lakhs respectively. Petitioner had created a equitable mortgage of flat No. C-4, 4th Floor of Maharana Apartment at P.P. Compound, Hindipiri, Ranchi in the name of the petitioner and his wife where they are staying. Petitioner contended that he had paid about Rs. 5.00 lakhs in Term Loan, where-after he was served with a notice under section 13(2) of the Act of 2002. Both his accounts were declared non performing assets (NPA) on 28.09.2015 and he was called to pay the liabilities of the Bank aggregating to Rs. 42,94,872.64 + interest in the Cash Credit Account and Rs. 17,69,169.70 + interest in the Term Loan Account within 60 days, as per notice dated 03.02.2016. Petitioner claims to have sought rescheduling of the loan amount thereafter vide Annexure-2 letter dated 10.03.2016. Petitioner contends that due to blockage of fund in the market, he was unable to pay the requisite amount since June 2015 and was intending to liquidate the outstanding amount in a healthy manner. Petitioner however claims to have paid certain amount as per receipt enclosed at Annexure-7. Petitioner is in receipt of notice dated 19.05.2016 intimating action contemplated under section 13(4) of the Act of 2002. Petitioner thereafter approached the learned Debt Recovery Tribunal, Ranchi in SARFAESI Appeal No. 66/2016. On 09.09.2016 petitioner was again served with a notice published in the newspaper in terms of section 13(4) of the Act of 2002 (Annexure-9) giving details of the immovable properties mortgaged with the Respondent Bank which were prohibited from being conveyed during pendency of the SARFAESI proceedings. According to the petitioner, however he was telephonically informed by the Respondent No. 2 that it will take delivery of physical possession of the Flat No. C-4, Maharana Apartment, P.P. Compound, Hindpiri, Ranchi on 10.01.2017 for non-payment of loan by force. That compelled the petitioner to approach this Court in the present writ application with a prayer to restrain the Respondents from executing the Delivery of Possession of the secured asset of the Company.
(3.) When the matter was taken up yesterday, following order was passed. Counsel for the petitioner undertakes to remove the surviving defects during the course of the day. Counsel for the petitioner submits that petitioner is ready to repudiate the entire outstanding over dues along with interest by Saturday i.e., 14th January, 2017. Petitioner is agreeable to pay the expenses incurred in the matter of realization of its outstanding dues within the same time. Counsel for the Bank, Mrs. Anubha Rout Choudhary submits that petitioner may approach the competent authority under Respondent Bank before closing hours today with such an undertaking. In that case, she submits that appropriate instruction would be obtained from the Bank by tomorrow. List this case tomorrow (10.1.2017) accordingly. Let the name of Mrs. Anubha Rout Choudhary appear in the daily cause list as counsel for the Respondent Bank. ;