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IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
SHEEL NAGU, CJ, SANJIV BERRY, J
AXIS BANK LTD. – Appellant
Versus
M/S DEE GEE WEIGHING EQUIPMENTS AND ORS – Respondent
| Table of Content |
|---|
| 1. application under sarfaesi act pending decision (Para 1 , 2) |
| 2. nature of deputy commissioner's role under section 14 (Para 3) |
| 3. agreement on expeditious handling of application (Para 4) |
| 4. issuing writ of mandamus for compliance (Para 5) |
| 5. final directions to resolve pending application (Para 6 , 7) |
SHEEL NAGU, C.J. (Oral)
1. The petitioner-bank is before this Court invoking writ as well as supervisory jurisdiction under Article 226/227 Constitution of India, being aggrieved by inaction on the part of Deputy Commissioner, Gurdaspur to decide the application submitted by petitioner u/s 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short the SARFAESI Act) which is pending since 23.01.2024.
2. It is stated in the application that the respondents-borrowers availed a loan facility of Rs. 1,70,00,000/- from the applicant bank, and upon default in repayment, the account was classified as Non-Performing Asset (NPA) whereafter demand notice dated 31.12.2020 u/s 13(2) of the SARFAESI Act was duly served upon the borrowers. The borrowers failed to comply with the said demand notice, and accordingly, the secured
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