AI Structured Summary
Not yet generated for this judgment
No AI summary yet
Generate an eight-section analysis of this judgment — facts, issues, reasoning, ratio and a plain-language gist.
Judgment
4 paragraphs · 117 wordsPetitioner is a defaulting borrower, against whom recovery process under the SARFAESI Act, 2002 upon the loan account having been classified NPA on 31.03.2014, was initiated vide demand notice dated 27.05.2014 issued under Section 13(2) of the SARFAESI Act, 2002 recalling an outstanding liability of Rs.18,54,602/- with further interest and incidental expenses. It is the said demand notice which is sought to be challenged in the present writ petition.
At the outset, learned counsel for the petitioner states that the present writ petition has become infructuous on account of the loan account having been closed upon clearing of the outstanding liability.
In view of the above, the writ petition is dismissed as infructuous..
........................................................