K.S.RADHAKRISHNAN, M.N.KRISHNAN
Abdul Azeez – Appellant
Versus
Punjab National Bank – Respondent
Radhakrishnan, J.
Whether Bank can call in aid the provisions of Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "Securitization' Act") against a borrower at aimed when the question of liability of the borrowed to the Bank and the question relating to the, correct-amount payable', are pending consideration before the civil court between the, parties, is the question that has been posed in these cases.
2. Writ petitioner was served with notice dated, 10-2-2004 by, the Punjab National Bank under section 13 (4) of the Securitization Act calling upon him to pay the amount of Rs.6,17,058 towards the outstanding amount under the loan availed of by him in respect of M/s M.S. Oils and Rs.7,11,708, towards the outstanding amount under the loan availed of by him in respect of M/s S.B. Bricks, within a period of sixty days firm the date of receipt of the notice; failing which it was informed that the secured assets would be proceeded with for realization of the amounts due to the Bank.
3. Appellant - writ petitioner as the proprietor of M/s S.B. Bricks had availed cash credit facility of Rs.3,90,000 fr
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