The petitioner is stated as aggrieved of the steps taken by the respondent Bank invoking remedy of the SARFAESI Act for realisation of the amount due under a loan transaction. 2. The case of the petitioner is that, two different items of property have been offered as security and Ext.P1 notice is in respect of the property belonging to the establishment. Ext.P2 pertains to the personal property, which in fact is an agricultural land, according to the petitioner, and hence it stands exempted from the purview of the enactment as stipulated in Section 31(i) of the said Act. It is also stated by the learned counsel for the petitioner that the sale of the property, covered by Ext.P1, itself will be more than sufficient to liquidate the liability, as it is having a market value of more than 5 crores. It is in the said circumstances, the petitioner has preferred Ext.P3 representation before the 1st respondent W.P.(C) No.25565 of 2014 2 for granting time for settling the dues. The delay in considering the same made the petitioner to approach this Court by filing this writ petition.
3. Heard the learned counsel appearing for the Bank as well.
4. This Court does not propose to deal with the merits of the case, particularly as to the nature of the property concerned. If the petitioner is having a dispute with regard to the nature of the property, it has to be specifically pleaded and established by adducing evidence before the appropriate Forum, which cannot be an exercise to be pursued by this Court invoking the discretionary jurisdiction under Article 226 of the Constitution of India. However, considering the limited extent of the grievance pointed out by the petitioner for causing Ext.P3 to be considered, there will be a direction to first respondent to consider and pass appropriate orders on Ext.P3, in accordance with law, after affording an opportunity of hearing the petitioner. It shall be done at the earliest, at W.P.(C) No.25565 of 2014 3 any rate, within one month from the date of receipt of a copy of this judgment.
The petitioner shall produce a copy of the judgment, along with a copy of the writ petition, before the first respondent for further steps.
P.R.RAMACHANDRA MENON,
JUDGE
sj