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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Ahuja Cotspin Pvt. Ltd. – Appellant
Versus
Authorized Officer, Punjab National Bank – Respondent
JUDGMENT
Harpreet Kaur Jeewan, J. - The present Civil Writ Petition has been filed challenging the notice issued by the respondent bank under section 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (hereinafter referred to as`the Act').
2. As per facts, the petitioner-company availed financing of Rs.28.80 crore from State Bank of India. Thereafter the petitioner further availed financing of Rs.15.50 crore and Rs.9.35 crore, respectively for its both the units. In the year 2016-17, petitioner company again availed financing of Rs.38 crore from 7 banks under consortium arrangement in which lead bank is respondent No.2 Punjab National Bank. The loan account of the petitioner was declared as NPA on 31.07.2019. The respondent bank issued a demand notice dated 05.08.2019 (Annexure P-3) under Section 13 (2) of the Act raising the demand from the petitioner of its outstanding dues of Rs.48,90,08,887.90/-as on 01.07.2019. The petitioner submitted an OTS offer by it was not decided by the Respondent-Bank. However possession notice dated 15.12.2021 (Annexure P-5) under Section 13 (4) of the Act was issued.
Point of Law : There is no repugnancy nor inconsistency between the two remedies under the RDB Act and the Securitisation Act, the Supreme Court observed that “Together they constitute one remedy and....
Prematurity of the petition seeking to quash a notice issued under Section 13 (2) of the SARFAESI Act.
Writ Petitions under the SARFAESI Act should be filed after exhausting available remedies; premature petitions may be dismissed.
Disputed questions of fact cannot be resolved through a writ petition, and alternative statutory remedies should be pursued.
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