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Judgment
Alok Kumar Verma, J
The petitioner took an industrial loan of Rs.53.00 Lakh. He repaid around Rs.15.00 Lakh. A notice dated 19.09.2011 was issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, “the Act, 2002”) to pay Rs.65,59,626/ -. The respondents took symbolic possession of the property-in-question on 18.02.2012. On 20.01.2025, an auction notice was issued. The petitioner filed a Writ Petition (WPMS No.231 of 2025). He moved a representation before the respondent authority in compliance with the order dated 12.02.2025, passed in WPMS No.231 of 2025. The respondent no.2 vide letter dated 15.02.2025 rejected the petitioner’s proposal for settlement under OTS Scheme. The said proposal was submitted through the representation dated 14.02.2025. The respondent no.2 vide letter dated 28.02.2025 directed the petitioner to submit a better proposal.
Heard Mr. Shubhang Dobhal, learned counsel for the petitioner and Mr. Siddhartha Jain, learned counsel for the respondents.
Mr. Shubhang Dobhal, learned counsel for the petitioner contended that the petitioner wants to pay the entire loan amount. He is willing to submit a better proposal. As per the auction notice, the date of auction is fixed for 19.03.2025.
Mr. Siddhartha Jain, Advocate submitted that if the petitioner submits a better proposal within three days from today in term s of the said letter dated 28.02.2025, the petitioner’s proposal shall be considered within one week thereafter.
On the request of Mr. Shubhang Dobhal, Advocate and with the consent of Mr. Siddharth Jain, Advocate, the present writ petition is disposed of with a direction that if the petitioner submits his better proposal in term s of the letter dated 28.02.2025 along with the certified copy of this order to the respondent no.2 within three days from today, the respondent no.2 shall consider and decide the said proposal as expeditiously as possible, but not later than one week thereafter.
Till decision is taken on the petitioner’s proposal, the sale shall not be confirmed.
It is made clear that this Court has not expressed any opinion on the merit of the case.