Ms S S Traders v. State Bank of India

DEBTS RECOVERY TRIBUNAL-1, CHANDIGARH

SkIS 12624 MS S S TRADERS Vs STATE BANK OF INDIA

12.01.2024 Item No.82

Present : Sh. Kamal Satija, Counsel for the Applicant.

Sh. Vivek Verma, Counsel for respondent bank.

In this case, the bank had issued the notice under Section 13(2) on 29.08.2023. The applicant had submitted the representation to the same on 27.10.2023, which was received by the bank on 30.10.2023. Mr. Verma, counsel for respondent bank admits that the bank did not dispose of the objections/representation of the applicant and on 31.10.2023 bank took the symbolic possession. Mr. Verrna, also admits that bank should have disposed of the objections/representation before issuing the notice under Section 13(4). Mr. Verma, states that the bank would withdraw the notice under Section 13(4) and would dispose of the objections/representation of the applicant.

Mr. Satija, states that the applicant would also apply to the bank for referring the matter to the IMSMIE Committee. Mr. Verrna, states that the bank would consider the matter as per law. However, Mr. Satija, states that he would not challenge the action of the bank for declaring the account NPA in issuing notice under Section 13(2) prior to the referring the matter to the MSME Committee. Applicant states that he would apply within 15 days from today for referring his case to the MSMIE Committee alongwith all the documents and the committee would dispose of the same by passing a speaking order. The committee would dispose of all the objections within 10 days from the date of receiving the objections.