Dismissed

M/s Tirupati Homes Limited v. Punjab National Bank

Patna HC22 Jul 2019CWJC/13218/2019

Case brief

AI extract

What is this about?

A writ petition challenging possession and auction notices issued by a bank under the SARFAESI Act. The petitioner, being a loan defaulter, entered a one-time settlement but failed to pay. The court held that remedies are available under the SARFAESI Act itself and refused to interfere.

What did the court decide?

Writ application stood disposed of as the court was not willing to entertain it given the availability of remedies under the SARFAESI Act, 2002.

M/s Tirupati Homes Limited Vs Punjab National Bank — Banking and Recovery | Patna HC (2019)

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IN THE HIGH COURT OF JUDICATURE AT PATNA Civil Writ Jurisdiction Case No.13218 of 2019

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M/s Tirupati Homes Limited Ground Floor, Arvina Apartment, Nageshwar Colony, Patna at present S.B. Sinha Commericial Block Trivantpuram City, A.G. Sector, Ashopur road, Khagual, Danapur, Patna- 801103 through its Chairman-cum-managing Director, Mr. Shashi Bhushan Sinha, aged about 52 years, Gender- Male.

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... ... Petitioner/s

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Versus

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Punjab National Bank Branch Office, S.M.E. East Boring Canal Road, Patna through its Chief Manager.

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The Chief Manager (Authorised Officer) Punjab national Bank, B.O. S.M.E., East Boring Canal Road, Patna- 800001.

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... ... Respondent/s

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Appearance : For the Petitioner/s : Mr.Ajay Kumar Sinha For the Respondent/s : Mr.Kumar Priya Ranjan ======================================================

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CORAM: HONOURABLE MR. JUSTICE RAJEEV RANJAN PRASAD ORAL ORDER

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2 22-07-2019 These are not the matters to be interferred with and entertained in a writ application.

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The petitioner being a defaulter of the loan had entered into one time settlement with the Bank vide Annexure ‘P/1’ dated 08.02.2019 for payment of the balance amount of Rs. 626.00 Lakhs. The last date for entire payment was 30.03.2019 which he admittedly failed to pay. In these circumstances, the Bank is said to have initiated action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the “SARFAESI Act, 2002”). The petitioner has remedy

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Patna High Court CWJC No.13218 of 2019(2) dt.22-07-2019 2/2

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available under the provisions of SARFAESI Act, 2002 against the action initiated by the bank.

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In these circumstances, the court is not willing to entertain the writ application against the possession notice and/or the auction sale notice issued under the SARFAESI Act, 2002. The petitioner, if so advised, may apply for appropriate remedy.

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This writ application stands disposed of accordingly.

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(Rajeev Ranjan Prasad, J)

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Rajeev/-

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M/s Tirupati Homes Limited v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

M/s Tirupati Homes Limited v. Punjab National Bank

Case brief

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