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Judgment
In this writ petition filed under Article 226 of the Constitution of India, the petitioner has prayed for a directing to respondent No.2 to take and
handover the physical possession of House No.1141, Sector 7, Panchkula, measuring 500 square yards.
The petitioner-company is a 'Financial Institution' under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (in short “the SAFFAESI Actâ€), as per notification dated 18.12.2015 (Annexure P-1). Respondents No.3 and 4
availed loan amounting to Rs. 2,95,00,000/- against property in question on 30.6.2016. They have paid a sum of Rs. 51,56,171/- as on 25.5.2018 as is
clear from the account statement dated 25.5.2018 (Annexure P-2). Since respondents No.3 and 4 have defaulted in payment of interest and
instalments, their account was declared Non Performing Asset (NPA). A notice dated 20.12.2017 (Annexure P-3) under Section 13(2) of the
SARFAESI Act was issued to respondents No.3 and 4 demanding total outstanding of Rs. 3,18,98,697/- within 60 days from the date of notice.
Thereafter, the authorized officer of the petitioner want to take physical/ symbolic possession of the secured assets by issuing notice dated 27.4.2018
(Annexure P-4) under Section 13(4) of the SARFAESI Act. However, the possession could not be taken. Accordingly, the petitioner moved an
application dated 25.6.2018/4.7.2018 (Annexure P-5) under Section 14 of the SARFAESI Act before respondent No.2 for taking over the possession
of the secured assets of respondents No.3 and 4. the petitioner also filed written arguments dated 19.9.2018 (Annexure P-6) before respondent No.2,
but no response has been received till date. Hence, the present writ petition.
Learned counsel for the petitioner submitted that for the relief claimed in the writ petition, the petitioner has moved an application dated
25.6.2018/4.7.2018 (Annexure P-5) under Section 14 of the SARFAESI Act and had also filed written arguments dated 19.9.2018 (Annexure P-6)
before respondent No.2, but no action has so far been taken thereon.
After perusing the present petition and without expressing any opinion on the merits of the case, we dispose of the present petition by directing
respondent No.2 to take a decision on the application dated 25.6.2018/4.7.2018 (Annexure P-5), in accordance with law by passing a speaking order
within a period of one month from the date of receipt of the certified copy of the order.