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Judgment
It is submitted that the Housing Loan account was declared as NPA on 6th August, 2011 leading to the issuance of a Demand Notice dated 14th November, 2011 issued under Section 13(2) of the SARFAESI Act, 2002 (for short, the Act, 2002”) recalling the outstanding liabilities of Rs.8,04,252.71/-. Thereafter, the symbolic possession of the mortgaged residential house was assumed on 17th February, 2012. However, no further recovery process was undertaken and concluded for more than a decade leading to the outstanding liabilities swelling to around Rs.40 Lakhs as on today.
The present Writ Petition has been filed apprehending the taking over of actual physical possession of the secured asset by the Bank with police help. The submission is that the Bank having negligently not concluding the proceedings way back in the year 2012/13 cannot now recover such a huge amount, although it is conceded that the petitioner also could not repay the outstanding amount in view of the dismissal of his services from the employment of the Bank itself. Thus, the prayer is for an amicable settlement. Learned counsel further submits that the petitioner is prepared to pay a sum of Rs.20 Lakhs towards final settlement.
Issue notice for 30th January, 2023.
Mr. Udgata, learned counsel appears and waives off notice on behalf of Opposite Party Nos.1 &2. Let requisite number of copies of Writ Petition be served upon him within seven days to seek instructions regarding this matter.
As an interim measure, subject to deposit a sum of Rs.10 Lakhs within seven days from today and the remaining Rs.10 Lakhs before the next date, status quo regarding possession, as existing today, shall be maintained till the next date of hearing.
The amounts so deposited shall be kept in a ‘No Lien Account’.
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