Harihar Chourasia v. Punjab and Sind Bank

Appeal Dy. No. 934/2025 Date: 04.06.2025

Harihar Chourasia Vs. Punjab and Sind Bank

Present: Shri S. K. Gupta along with Shri Bablu, counsel for the appellant,

Heard the learned counsel for the appellant.

Learned counsel for the appellant submits that after issuance of demand notice under section 13(2) of the SARFAESI Act, the appellant has deposited Rs. 5.26 lacs against the total outstanding amount of Rs. 11,71,624/-, details of which has been mentioned in para 5.4 of the memo of appeal. Learned counsel further contends that Rs. 5.00 lacs has been deposited before this Tribunal, thus, a total sum of Rs. 10.26 lacs has been deposited by the appellant. Learned counsel has drawn attention of this court to the page no. 43 of the paper book, which is copy of publication of sale notice. In the said notice, the total outstanding amount was shown to be Rs. 11.71 lacs, whereas the respondent-Bank in the affidavit filed before the District Magistrate has shown the outstanding amount to be Rs. 6,80,231/-. It is thus contended that the account was regularized after deposit of said amount, therefore, no proceeding could have been drawn by the Bank under the SARFAESI Act.

In the last, learned counsel for the appellant submits that the ADM (F&R) Lucknow has issued a notice dated 15.05.2025 to the appellant for handing over the physical possession of the property in question till 06.06.2025, otherwise the possession will be taken forcibly. It is, therefore, prayed that the Tribunal below may be directed to dispose off the S.A. filed by the appellant within the time as stipulated by this Tribunal and in the interregnum, the possession of the property in question may not be disturbed.

After hearing the learned counsel for the appellant and considering the facts and circumstances of the case, since the securitization application is still pending before the Tribunal below, therefore, the present appeal stands disposed off finally with direction upon the Tribunal below to consider and decide the pending Securitization application in accordance with law most expeditiously, preferably within three months from the date of production of certified copy of this order. Till that time or disposal of the securitization application, whichever is earlier, the status quo qua the property in question as it exists today is directed to be maintained by all the parties concerned.