Court No. - 38
Case :- WRIT - C No. - 25399 of 2018 Petitioner :- Smt. Malti Devi Respondent :- Chief Metropolitan Magistrate And 2 Others Counsel for Petitioner :- Ashish Kumar Singh,Sudesh Kumar
Hon'ble Abhinava Upadhya,J. Hon'ble Shashi Kant,J.
Heard Sri Ashish Kumar, learned counsel for the petitioner.
By means of this writ petition, the petitioner has come to this Court challenging the order dated 21.06.2018 passed by Chief Metropolitan Magistrate, Kanpur Nagar, under Section 14 of the SARFEASI Act, 2002.
The petitioner had taken a loan for sum of Rs. 39,26,000/- from IDBI Bank at Bilhaur Branch Kanpur. Admittedly, the petitioner defaulted in payment and therefore the provisions of SARFAESI Act were set in motion and notices under Section 13 (2) and 13 (4) of the SARFAESI Act have been issued put till date possession of secured assets has not been taken.
At this juncture, the petitioner has approached this Court and submits that he accepts the entire liability and he is ready to pay entire amount provided he is given only two months time for the payment of the same.
Learned counsel for the bank-respondent submits that once the provisions of SARFAESI Act has been set in motion, no interference is called for as the petitioner has a remedy for filing an appeal under Section 17 (1) of SARFAESI Act.
We have considered the submissions of learned counsel for the petitioner and learned counsel for the bank.
Since the petitioner accepts the entire liability and he is ready to pay the entire outstanding dues within two months, as such we are not inclined to interfere with the recovery proceeding initiated against the petitioner. However, it is entirely up to the bank either to negotiate with the petitioner for payment of entire dues or to take recourse under the SARFAESI Act, 2002. In case, the petitioner makes any representation to the bank, the bank may consider the same and pass appropriate orders within one month, in accordance with law.
With the aforesaid observations/direction, the writ petition is disposed of.
Order Date :- 31.7.2018 Monika.
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(Shashi Kant, J.) (Abhinava Upadhya, J.)