Court No. - 3
Case :- WRIT - C No. - 9169 of 2018 Petitioner :- Sri Narsingh Dev Sugar Pvt.Ltd.
Respondent :- Canara Bank Through Its Authorised Officer Counsel for Petitioner :- Krishna Chandra Pushkar Counsel for Respondent :- Arvind Srivastava
Hon'ble Pankaj Mithal,J. Hon'ble Saral Srivastava,J.
Heard Sri K.C. Pushkar, learned counsel for the petitioner. Sri G.K. Tiwari, learned counsel for respondent-Canara Bank.
The petitioner has challenged the possession notice dated 25.01.2018 issued under the SARFAESI Act, 2002.
A bare reading of the aforesaid notice reveals that an amount of Rs.22,13,55,229/- along with interest is due against the petitioner. Accordingly by the impugned notice, the petitioner has been directed to deposit the amount within 30 days, failing which the mortgage properties will be sold.
The submission of the learned counsel for the petitioner is that the Bank had earlier agreed for restructuring the payment of the aforesaid amount provided a sum of Rs.1,25,00000/- is deposited by him from December 2017, therefore, petitioner should be allowed some instalments in depositing Rs.1,25,00000/-. The aforesaid offer for restructuring as is evident from Annexure-3 to the petition was valid subject to the condition enumerated therein which the petitioner had not followed and as such the aforesaid offer of restructuring automatically came to an end.
Now in the absence of acceptance of conditions of restructuring, the petitioner is liable for payment of the entire amount due and as such we find no illegality on the part of the Bank in issuing the demand notice dated 25.01.2018.
In view of the above, the petition is devoid of merit and is accordingly dismissed.
Order Date :- 23.3.2018 Ishan