JIGESHWAR PRASAD DESHMUKH Vs. DEV SINGH

JUDGEMENT

(1.) Interference declined by learned Single Judge in writ petition filed by appellants challenging the order dated 25.3.2019 passed by the District Magistrate, Balod under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 (henceforth 'the Act of 2002') and the order dated 11.6.2019 passed by the Commissioner, Durg Division, Durg is put to challenge in this appeal.

(2.) Facts of the case, in brief, are that the petitioners/appellants herein availed credit facility of Rs.12,00,000/- from the respondent Bank and as a security towards repayment of loan, the petitioners/appellants deposited with the respondent Bank, the title document of their property bearing Khasra No.261, area 0.05 hectare, situated at Village Kondagaon, District Balod (CG). Petitioners/ appellants defaulted in making payment of outstanding debts to the respondent Bank, their account was declared as 'Non-performing Asset (NPA)' and a notice under Section 13 of the Act of 2002 was issued to them as also the person who stood guarantor for them on 2.2.2017, asking them to make payment of outstanding debts within the period of sixty days. On petitioners/appellants' failure to make good the defaults by making deposit of loan amount within stipulated time, action under Section 13 (4) of the Act of 2002 was taken by the respondent Bank with respect to the secured assets and a notice was issued on 15.5.2017 taking symbolic possession of the property mortgaged towards security of loan advanced. A publication in two daily newspapers was also made on 19.5.2017 and 20.5.2017 informing general public that symbolic possession of the secured assets has been taken. Even after publication of notice of symbolic possession, the petitioners/appellants failed to make any deposit towards outstanding debts to the respondent bank or challenge the proceeding under Section 13 (4) of the Act of 2002. Thereafter, the respondent bank made an application before the Collector-cum-District Magistrate, Balod under Section 14 of the Act of 2002 for physical possession of the property. The District Magistrate issued notice to the petitioners/appellants, but they did not take part in the proceeding. The Collector- cum-District Magistrate passed the order dated 25.3.2019 (Annexure P-4) directing the Tahsildar, Gunderdehi to take physical possession of the secured assets and documents relating thereto, and to forward the same to the Authorized Officer of the respondent bank.

(3.) Feeling aggrieved by the order dated 25.3.2019, the petitioner/appellant herein preferred WPC No.1687/2020 before the High Court seeking for following reliefs:-