Nakul Kumar Sahu vs State Of Jharkhand And Ors

This case is taken up through video conferencing.

The present writ petition has been filed for issuance of direction upon the respondents not to implement the notice dated 3 rd March, 2020 (Annexure-5 to the writ petition) issued under Section 13(4)(a) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter to be referred as 'the Act, 2002') till disposal of S.A. No.29 of 2019, pending before the Debt Recovery Tribunal, Ranchi.

Learned counsel for the petitioner submits that the petitioner is guarantor of loan (cash credit facility) taken from the respondent no.3 (Dena Bank, Jamshedpur Branch) by the respondent no.4 in the year 2012. Subsequently, the said loan account became non-performing asset (NPA) on 31st January, 2018. Accordingly, a notice was issued by the respondent no.3 to the respondent no.4 under Section 13(2) of the Act, 2002 for payment of outstanding dues. Thereafter, a notice dated 28th September, 2018 for sale of immovable property of the petitioner was issued by the respondent no.3 under rules 8(6) and 9(1) of the Security Interest (Enforcement) Rules, 2002 to the borrower- respondent no.4 as well as the petitioner being the guarantor. Aggrieved by the said notice, the petitioner preferred an application before the Debts Recovery Tribunal, Ranchi under Section 17(1) of the Act, 2002, which was registered as S.A. No.29 of 2019. Since the date of institution of the said application before the Debts Recovery Tribunal, Ranchi, no effective step has been taken by the said Tribunal. In the meantime, a notice under Section 13(4)(a) of the Act, 2002 has been issued by the respondent no.3 on 3rd March, 2020 (Annexure-5 to the writ petition). Since S.A. No.29 of 2019 is not being taken up by the Debts Recovery Tribunal, Ranchi, the petitioner has been compelled to file the present writ petition.

Having heard learned counsel for the parties and considering the fact that the petitioner has already moved the Debts Recovery Tribunal, Ranchi by filing an application under Section 17(1) of the Act, 2002, which has also been registered as S.A. no.29 of 2019, without entering into the merit of the case, the Debts Recovery Tribunal, Ranchi is directed to expedite the hearing of the said case and to pass an appropriate order in accordance with law expeditiously.

The writ petition is, accordingly, disposed of with the aforesaid direction.

I.A. No.4266 of 2020 is also disposed of.