Hon'ble Vishnu Chandra Gupta,J.
Heard Shri Umesh Chandra Srivastava, learned counsel for the petitioner as well as Ms Megha Pandey, holding brief of Sri Vinay Shanker, learned counsel for the respondent- Bank.
The petitioner has assailed the auction sale notice dated 8.1.2014 ( Annexure NO.1), issued by the the Bank under Section 13 (4) of the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The total liability on 6.1.2014 is shown as Rs.11,75,123/-, whereas Ms Megha Pandey, learned counsel for the Bank on the basis of instructions informed the Court that total liability of the petitioner on the date is Rs.9,40,141.00. By means of the impugned notice , the petitioner has been asked to repay entire loan amount within sixty days from the date of impugned notice, failing which the Bank shall take action in accordance with law.
At this stage keeping in view the provisions of Section 13 (8) of the Act, we are of the view that the petitioner has appropriate remedy to approach the authority concerned for redressal of his grievances, subject to payment of half of the amount as due by 4.4.2014. If the petitioner deposits so, he shall be permitted to exercise his discretion to move an application before the authoirty concerned under Section 13(8) of the Act, which shall be considered by the Bank authoirty in accordance with law and appropriate order shall be passed within one month.
In terms of the aforesaid observations,we hereby provide that if the petitioner fulfills the conditions laid down as above, no coercive measures shall be taken within one month and same shall be subject to result of his application moved before the authoirty concerned.
In the aforesaid terms, the writ petition stands disposed of finally.
Order Date :- 27.3.2014 Tripathi