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UJJAL BHUYAN, CHILLAKUR SUMALATHA
Jadala Traders – Appellant
Versus
Andhra Bank, Rep. by its Authorised Officer Warangal Branch, NRR Building Hanumakonda, Warangal – Respondent
ORDER :
Ujjal Bhuyan, J.
Heard Mr. P.Vishnu Vardhan Reddy, learned counsel for the petitioner and Smt. V.Dyumani, learned counsel for the respondent.
2. By filing this writ petition under Article 226 of the Constitution of India, petitioner seeks quashing of sale notice dated 07.10.2019.
3. Case of the petitioner is that it had availed financial assistance to the tune of Rs.6,00,00,000/- as Secured Over Draft Loan (SOD) from the State Bank of India and thereafter from the respondent – Andhra Bank from its KMC Campus branch, Warangal. Because of unavoidable circumstances, there was default by the petitioner in repayment of the loan amount.
4. Respondent-Andhra Bank issued demand notice dated 01.02.2019 under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (briefly referred to hereinafter as the ‘SARFAESI Act’), calling upon the petitioner to make payment of the entire amount, which was quantified at Rs.6,28,28,555-00. Petitioner submitted representation (objection) on 03.4.2019, further seeking some time for repayment of the installments. Respondent-Andhra Bank replied, vide letter dated 12.4.2019 stating that the
The demand notice issued under Section 13(2) of the SARFAESI Act must comply with the requirements of Rule 3(5) and Section 13(8) of the Act, which includes inviting the attention of the borrower to ....
Though existence of an alternative remedy is not an absolute bar to the maintainability of a writ petition under Article 226 of the Constitution, but a writ petition can be entertained in exceptional....
The validity of the sale/e-auction notice under the SARFAESI Act and the Security Interest (Enforcement) Rules, 2002.
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