The court upheld the execution of recovery actions under the SARFAESI Act, emphasizing the need for compliance with interim orders.

JUDGMENT

This writ petition has been filed challenging the proceedings initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) to recover amounts due under credit facilities availed by the petitioner from the respondent bank.

2. This Court on 06-02-2025 passed the following order:

“Notice before admission by speed post to the respondents. Taking of physical possession of the secured asset shall stand adjourned for a period of two weeks on condition that the petitioner remits a sum of Rs.2,00,000/- (Rupees Two lakhs only) towards the loan liability within a period of ten days from today.

Post on 20.02.2025”.

3. The learned counsel appearing for the petitioner submits that despite best efforts, the petitioner could not comply with the terms of the interim order.

4. The learned counsel appearing for the respondent bank submits that the sale of the property of the petitioner had already taken place on 09-01-2025, and the auction purchaser has paid the entire sale price on 21-01-2025. It is submitted that considering the above, the petitioner is not entitled to any relief from this Court.

5. Having heard the learned counsel appearing for the petitioner and the learned counsel appearing for the respondent bank, and having regard to the facts noted above, I am of the view that the petitioner is not entitled to any of the reliefs sought for in this writ petition. The petitioner has also not proved bona fides by depositing the amount directed to be deposited as a condition for the interim order dated 06-02-2025.

The writ petition fails and it is accordingly dismissed.