As per Reserve Bank of India guidelines, the moratorium period given is between March 2020 to August 2020, which provide relief to individuals and businesses facing cash flow difficulties due to the nationwide lockdown and the economic slowdown caused by the COVID-19 pandemic. I n spite of the above guidelines passed by the Reserve Bank of India, without waiting for the freezing period, the 2nd Defendant Bank has initiated the SARFAESI proceedings against the Applicants in a hasty manner and issued the Demand Notice dated 21.05.2020 U/s. 13(2) of the SARFAESI Act, 2002. This arbitrary action of the Defendant Bank taken against the Applicants is improper, illegal and unsustainable in the eye of law. Hence, this case is suffering with the improper issuance of Demand Notice dated 21.05.2020 at the initial stage itself. Therefore, I consider that the Demand Notice dated 21.05.2020 U/s. 13(2) of the SARFAESI Act, 2002 issued by the 2nd Defendant Bank is incorrect and unsustainable. Thus, the consequent action of issuance of Possession Notice dated 20.10.2020 & the impugned Order dated 08.11.2023 passed by the Ld. CJM, Kanniyakumari District at Nagercoil in Crl.MP.No. 13281/2023 all are also not sustainable in the eye of law.
