Disposed

Sanjay Kumar v. Punjab National Bank

DRT15 Oct 2022SA/140/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal dismissed the security application challenging the SARFAESI proceedings as the representation within Section 13(3-A) was premature. The court disposed of the case directing the applicant to file an offer for settlement within fifteen days.

What did the court decide?

Application dismissed; applicant directed to file an offer of settlement including 10% of notice amount within fifteen days.

DEBTS RECOVERY TRIBUNAL, PATNA Order with the Signature of the Court	Office action taken with data
SA 140 of 2022 Sanjay Kumar Vs Punjab National Bank Present: Shri Purushotam Sharma Ld e,counsel for the applicant Shri Prashant Kumar Ld. counsel for the respondent. Ld. counsel for the applicant has filed rejoinder. Heard ld. counsel for the parties. In the present S. application it is admitted that the notice issued uls 13(2) and 13(4) of SARFAESI Act has been served upon the applicant, however it has been mentioned in para 7 of the S. application that the applicant had submitted a representation dated 7.10.2021 before the bank but the same has not been disposed of by the bank. In this regard ld. counsel for the respondent bank submits that the alleged representation is premature This said representation has been moved by the applicant before the bank for deposit of loan amount much before the issuance of demand notice by the bank. Hence in such circumstances the letter dated 7.10.2021 filed as annexure 7 of the S. application cannot be treated as representation uls 13(3-A) of SARFAESI Act. No other infirmity in SARFAESI Action has been pointed out in this S. application or no infirmity has been demonstrated during the course of arguments. In such circumstances the S. application deserved to be rejected for all corners. Ld. counsel for the applicant submits that the applicant is ready to repay the amount but he could not ensure the payment as per terms of EMI due to the pandemic. In such circumstances if the applicant is ready to repay the amount dues of the bank he may move an offer for settlement before the bank within fifteen days alongwith 10% of the notice amount and the bank shall consider that offer as per policy of bank. In view of the above circumstances and the observation the S. application is stands disposed of. It is made clear that if the applicant fails to deposit the aforesaid amount alongwith offer for settlement within fifteen days, the bank shall at liberty to proceed with further S. action. Consign the record. A copy of order be sent to the parties Order to be uploaded on the Tribunal's website. _;v ~~o<br>(Kaushalendra Yadav Presiding Officer Patna	V

DEBTS RECOVERY TRIBUNAL, PATNA
Order with the
Signature of the Court

Office action
taken with data

SA 140 of 2022
Sanjay Kumar Vs Punjab National Bank
Present: Shri Purushotam Sharma Ld e,counsel for the applicant
Shri Prashant Kumar Ld. counsel for the respondent.
Ld. counsel for the applicant has filed rejoinder.
Heard ld. counsel for the parties.
In the present S. application it is
admitted that the notice issued uls 13(2) and 13(4) of SARFAESI Act has been
served upon the applicant, however it has been mentioned in para 7 of the S.
application that the applicant had submitted a representation dated 7.10.2021
before the bank but the same has not been disposed of by the bank.
In this regard ld. counsel for the respondent bank submits that the alleged
representation is premature This said representation has been moved by the
applicant before the bank for deposit of loan amount much before the issuance of
demand notice by the bank.
Hence in such circumstances the letter dated 7.10.2021 filed as annexure 7
of the S. application cannot be treated as representation uls 13(3-A) of SARFAESI
Act. No other infirmity in SARFAESI Action has been pointed out in this S.
application or no infirmity has been demonstrated during the course of arguments.
In such circumstances the S. application deserved to be rejected for all
corners.
Ld. counsel for the applicant submits that the applicant is ready to repay
the amount but he could not ensure the payment as per terms of EMI due to the
pandemic.
In such circumstances if the applicant is ready to repay the amount dues of
the bank he may move an offer for settlement before the bank within fifteen days
alongwith 10% of the notice amount and the bank shall consider that offer as per
policy of bank.
In view of the above circumstances and the observation the S. application
is stands disposed of.
It is made clear that if the applicant fails to deposit the aforesaid amount
alongwith offer for settlement within fifteen days, the bank shall at liberty to
proceed with further S. action.
Consign the record.
A copy of order be sent to the parties
Order to be uploaded on the Tribunal's website.
_;v
~~o<br>(Kaushalendra Yadav
Presiding Officer
Patna

Sanjay Kumar v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

Sanjay Kumar v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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