Arun Kumar Agrawal vs Punjab National Bank And Ors

Heard learned counsel for the petitioner and learned counsel for the Punjab National Bank through video conference. Learned counsel for the

petitioner undertakes that all defects pointed out by the stamp reporter shall be removed, and compliance with the conditions of the notices of this

Court with regard to acceptance of e-filing shall be made, without delay immediately upon resumption of normal physical functioning of the Court, and

in any event within one month thereof.

The following reliefs as formulated by the petitioner have been claimed in the writ petition--

“(a) For setting aside the Notice dated 16.12.2020 issued to the petitioner by the respondent Bank under Section 13(4) of the

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter called as “SARFAESI

Act’) ignoring the fact that representation under Section 13(3) of the Act is pending and petitioner is ready to deposit the loan amount.

(b) For stay and effect of the Notice dated 16.12.2020 till the decision on the representation dated 24.11.2020 submitted by the petitioner

before the respondent Bank under Section 13(3) of the SARFAESI Act or till the decision of present writ application.

(c) For a direction to the respondents to take steps for fixation of installment of loan amount in view of the fact that petitioner is ready to

pay the amount and was suffering from major illness which was the reason behind non-payment of loan amount within a period fix by

respondent Bank.

(d) For grant of any other relief or reliefs in view of the fact and circumstances of the present case as well as on the fact that the petitioner

is ready to deposit the loan amount within a reasonable period of time.â€​

Learned counsel for the petitioner submits that the petitioner had regularly been paying the installments against the dues but fell into arrear owing to

ongoing Covid-19 pandemic. The petitioner is willing to make payment of the dues on fixation of appropriate installments.

Learned counsel for the respondent-Bank appears and has been heard.

Having regard to the nature of the grievance of the petitioner, this Court is of the view that the ends of justice will be met by granting liberty to the

petitioner to avail of the statutory remedy under Section 17 of the SARFAESI Act, 2002 for redressal of his grievances, if so advised.

It is made clear that in case such a petition is filed, the concerned authority would have regard to the present proceeding being pursued by the

petitioner, while considering any issue relating to condonation of delay, if applicable.

The writ petition stands disposed of with the aforesaid observations.

Office shall follow-up to ensure that all defects are removed and compliance with the notices of this Court are made by the petitioner within the

stipulated time provided in para-1 hereinabove, failing which the matter shall be brought to the notice of this Court.