IN THE HIGH COURT OF UTTARAKHAND

AT NAINITAL

ON THE 19^TH DAY OF APRIL, 2023

BEFORE:

HON’BLE SHRI JUSTICE MANOJ KUMAR TIWARI

WRIT PETITION (M/S) No. 1125 of 2023

BETWEEN:

M/S Shantiram

Agro Industries & others.

…….Petitioners

(By Mr. Vijay Bhatt, Advocate)

AND:

State of Uttarakhand & others.

….Respondents

(Mr. Vinod Nautiyal, Deputy Advocate General for the State of

Uttarakhand/respondent nos. 1 & 2 and Mr. Siddhartha Jain,

Advocate for respondent no. 4)

JUDGMENT

Heard learned counsel for the parties.

2.

Petitioners took different loans from Punjab

National Bank Branch Kashipur, on different dates.

Since petitioners could not repay the loan in time,

therefore, recovery proceedings have been initiated

against them, by invoking provisions of Securitisation

and Reconstruction of Financial Assets and Enforcement

of Security Interest Act, 2002 (for short ‘SARFAESI Act,

2002’).

3.

In

this

writ

petition,

petitioners

have

challenged an order passed by District Magistrate,

Udham Singh Nagar in exercise of power under Section

14 of SARFAESI Act, 2002.

2

4.

It is contended on behalf of pe