NAFR HIGH COURT OF CHHATTISGARH, BILASPUR WPC No. 1138 of 2024 Orix Leasing And Financial Services India Limited Through Authorized Officer Vinod Yadav, Registered Office At Plot No. 94, Marole Cooperative Industrial Estate, Andheri Kurla Road, Andheri East, Mumbai 400059 Branch Office At Ff 10c First Floor, Shyam Plaza, Pandri, Raipur, District Raipur (C.G.) ---- Petitioner Versus

1. State Of Chhattisgarh Through District Magistrate, District Raipur (C.G.)

2. Yogesh Kumar Goyal S/o Suresh Kumar Goyal Aged About 38 Years At House No.

H29, Street No. 29, Rajiv Nagar, Raipur, District Raipur, C.G. Also At C/o Shri Krishna Super Bazar, First Floor, Salasar Tower, Lic Colony, Mowa Kapa, Riapur, District Raipur (C.G.) Also At Vrindavan Garden, F1 To F4, Block F, Khasra No. 728/1-2-3, Part Of 731/3-4, Pcr No. 109, Urkura Road, Kushabhau Thakre Ward, Ward No. 26, Daldal Seoni, Ra.Ni.Ma. Raipur, District Raipur C.G.

3. Monika Goyal D/o Suresh Kumar Agrawal Aged About 36 Years At House No. H29, Street No. 29 Rajiv Nagar, Raipur, District Raipur (C.G.) Also At Vrindavan Garden, F1 To F4, Block F, Khasra No. 728/1-2-3, Part Of 731/3-4, Pcr No. 109, Urkura Road, Kushabhau Thakre Ward No. 26, Daldal Seoni, Ra.Ni.Ma. Raipur, District Raipur C.G.

---- Respondents (Cause-title is taken from Case Information System)

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For Petitioner : Mr. Akash Mishra, Advocate.

For Respondents : Mr. Dilman Rati Minj, G. A.

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Hon'ble Shri Justice Rakesh Mohan Pandey

Order on Board

27.02.2024

1. Learned Counsel for the petitioner submits that the procedure contemplated under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘the SARFAESI Act') was commenced against the borrowers as their account was declared as Non-

Performing Asset (NPA).

2. According to learned counsel for the petitioner, the proviso to Section 14 of the SARFAESI Act provides that the decision on like nature of the application has to be made within a period of 30 days and, if not so, within a further period of 60 days. However, despite the fact that more than one year has elapsed, the proceeding under Section 14 of the SARFAESI Act has not been concluded by the learned District Magistrate, Dist.-Raipur, CG.

3. For ready reference, the proviso to Section 14 of the SARFAESI Act is reproduced herein under:-

“[Provided that any application by the secured creditor shall be accompanied by an affidavit duly affirmed by the authorized officer of the secured creditor, declaring that-

i. the aggregate amount of financial assistance granted and the total claim of the Bank as on the date of filing the application;

ii. The borrower has created security interest over various properties and that the Bank or Financial Institution is holding a valid and subsisting security interest over such properties and the claim of the Bank or Financial Institution is within the limitation period;

iii. the borrower has created security interest over various properties giving the details of properties referred to in sub-clause (ii) above;

iv. The borrower has committed default in repayment of the financial assistance granted aggregating the specified amount;

v. consequent upon such default in repayment of the financial assistance the account of the borrower has been classified as a nonperforming asset;

vi. affirming that the period of sixty days notice as required by the provisions of sub-section (2) of section 13, demanding payment of the defaulted financial assistance has been served on the borrower;

vii. the objection or representation in reply to the notice received from the borrower has been considered by the secured creditor and reasons for non-acceptance of such objection or representation had been communicated to the borrower;

vii. the borrowe