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Judgment
Manoj Kumar Tiwari, J
Heard learned counsel for the parties through Video Conferencing.
Petitioners are the borrower against whom the respondent-Bank has initiated recovery proceedings by invoking provision of SARFAESI Act, 2002.
Learned counsel for the petitioners submits that petitioners have filed a Securitization Application No. 65 of 2021, which is pending before Debts
Recovery Tribunal, Dehradun and during pendency of securitization application, respondent-Bank has approached District Magistrate, Nainital under
Section 14 of SARFAESI Act, 2002.
Mr. Siddharth Jain, Advocate appearing for Punjab National Bank submits that petitioners had earlier approached this Court against a notice issued
under Sections 13 (2) and 13 (4) of the aforesaid Act, which was dismissed and a special appeal filed by the petitioners, too was dismissed by Division
Bench of this Court. He further submits that as of now, no order has been passed prejudicial to the interest of the petitioners, therefore, the writ
petition is premature. He further submits that petitioners have filed a caveat application before District Magistrate, Nainital, therefore, petitioners
would be heard by District Magistrate, Nainital before passing any order on the application moved by the respondent-Bank.
Having regard to the facts and circumstances of the case, this Court is not inclined to interfere in the matter at this stage. However, petitioners shall
be at liberty to raise all the contentions before the District Magistrate, Nainital in the proceedings under Section 14 of SARFAESI Act, 2002 and
District Magistrate, Nainital shall pass appropriate order after considering version of the petitioners.
With the aforesaid direction, writ petition stands disposed of.
Let a certified copy of this order be issued to the parties within 24 hours.