Court No. - 3
Case :- WRIT - C No. - 31581 of 2021 Petitioner :- Rajeev Kumar And 3 Others Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Mukesh Chandra Gupta,Shubham Prakash Gupta Counsel for Respondent :- C.S.C.
Hon'ble Manoj Kumar Gupta,J.
Hon'ble Dr. Yogendra Kumar Srivastava,J.
The instant writ petition has been filed challenging the order dated 5.8.2021 passed by respondent no. 2, exercising power under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act') and for a restrain order against respondents no. 2 to 4 not to take physical possession of the secured asset.
It is not disputed that the petitioners have taken loan from respondent no.4 in the year, 2018 and have defaulted in payment thereof. It is also not disputed that proceedings under Section 13(4) of the Act were initiated against the petitioner followed by proceedings under Section 14.
The sole submission of the learned counsel for the petitioners is that the petitioners are ready to pay the entire amount in easy installments.
In so far as, the challenge made to the order passed under Section 14 of the Act, we may note that since it was preceded by order under Section 13(4) of the Act, and therefore, the petitioners had the remedy of challenging the steps taken in this behalf by filing appeal under Section 17 of the Act, but which they did not avail. In the present circumstances, we are not inclined to examine the merits of the impugned order but leave it open to the petitioner to approach the respondent bank for accepting the money in installments.
The petition stands disposed of accordingly.
We may clarify that we have not expressed any opinion nor have issued any direction to the respondent bank for accepting the money in installments. Any request made in this regard shall be considered by the bank looking to its commercial interest and without being influenced by any observation made in the instant petition.
Order Date :- 17.12.2021 Kirti (Dr. Y.K. Srivastava, J) (Manoj Kumar Gupta, J)