Back
- : 1 :-
IN THE HIGH COURT OF MADHYA PRADESH
AT INDORE
BEFORE
HON'BLE SHRI JUSTICE VIVEK RUSIA
&
HON'BLE SHRI JUSTICE AMAR NATH (KESHARWANI)
ON THE 5th OF JULY, 2022
WRIT PETITION No. 5864 of 2022
Between:-
1.
SMT. MISHRI BAI W/O LATE SHRI NIRMAL
KUMAR, AGED ABOUT 85 YEARS, OCCUPATION:
HOME MAKER, R/O 599-A, MAHALAXMI
NAGAR, INDORE (MADHYA PRADESH)
2.
SMT. SUMAN MODI W/O SHRI ANIL MODI, AGED
ABOUT 55 YEARS, OCCUPATION: HOME
MAKER, R/O 599-A, MAHALAXMI
NAGAR,
INDORE (MADHYA PRADESH)
3.
SHRI MAHAK MODI S/O SHRI ANIL MODI, AGED
ABOUT 33 YEARS, OCCUPATION: BUSINESS, R/O
599-A, MAHALAXMI NAGAR, INDORE (MADHYA
PRADESH)
.....PETITIONERS
(DEVAASHEESH DUBEY, LEARNED COUNSEL FOR THE
PETITIONERS)
AND
1.
SHUBH LAXMI MAHILA COOPERATIVE BANK
LTD. THROUGH AUTHORISED OFFICER 255,
R.N.T. MARG, INDORE (MADHYA PRADESH)
2.
ADDITIONAL DISTRICT MAGISTRATE INDORE
COLLECTORATE, MOTI TABELA INDORE
(MADHYA PRADESH)
3. TEHSILDAR KANADIYA COLLECTORATE MOTI
TABELA INDORE (MADHYA PRADESH)
4. M/S RAJ AGRO CORPORATION THR ITS
PROPRIETOR SMT. NEHA PANDYA W/O SHRI
ANKUR PANDYA, AGED ABOUT 38 YEARS, R/O
210, TIRUPATI BUSINESS CENTRE, 22/1, SOUTH
- : 2 :-
TUKOGANJ,
GEETA
BHAWAN,
INDORE
(MADHYA PRADESH)
5.
M/S ANKUR CORPORATION THR ITS
PROPRIETOR SMT. PRAMILA PANDYA W/O SHRI
RAJKUMAR PANDYA, AGED ABOUT 40 YEARS,
R/O 210, TIRUPATI BUSINESS CENTRE, 22/1,
SOUTH TUKOGANJ, GEETA BHAWAN, INDORE
(MADHYA PRADESH)
.....RESPONDENTS
(SHRI VALMIK SAKARGAYEN, LEARNED COUNSEL FOR THE
RESPONDENT NO.2 AND 3.
SHRI AASHAY DUBEY, LEARNED COUNSEL FOR THE
RESPONDENT [R-1])
This petition coming on for order this day, JUSTICE VIVEK
RUSIA passed the following:
ORDER
Petitioners have filed the present petition being aggrieved by
the letter dated 02.03.2022 (Annexure P/16) written by the
Tehsildar, Knadiya, Indore/ respondent No.3 whereby petitioners
and respondents No.4 and 5 were directed to hand over the physical
possession of the ground floor of property situated at EB-250 (Old
No.BB-1), Sector-B, Scheme No.94, Near Bombay Hospital, Indore
(M.P.).
The facts of the case in short are as under:
[2]
Respondents No.4 and 5 took financial assistance of Rs.
35,00,000/- each (two loans) from respondent No.1/Bank. The
petitioners have stood as guarantors by mortgaging the property
situated at EB-250 (Old No.BB-1), Sector-B, Scheme No.94, Near
Bombay Hospital, Indore (M.P.) (hereinafter referred to as
''mortgaged property'') as a security against the said two loans. In
the month of January 2018, the aforesaid two loan accounts were
classified as None-Performing Assets (in short 'NPA') by the
- : 3 :-
respondent No.1/Bank followed by the issuance of notice under
Section 13(2) of the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002 (hereinafter
referred to as ' the SARFAESI Act). After receipt of notice under
Section 13(4) of the SARFAESI Act, the petitioners approached
respondent No.1/Bank showing a willingness to clear the
outstanding dues of respondent No. 4 & 5 by way of the schedule
prepared by the Bank. The respondent No.1/Bank did not agree
with the proposal and decided to proceed under the SARFAESI Act
by filing an application under Section 14 of the SARFAESI Act
before respondent No.2. Vide order dated 20.09.2019, the
respondent No.2 has allowed the application filed by the respondent
No.1/ Bank. In compliance with the aforesaid order, on 28.01.2020,
the physical possession of the mortgaged property was taken by
respondent No.3 and handed over to respondent No.1/Bank.
[3]
According to the petitioner, on 01.02.2020, the possession of
the mortgaged property was restored to the petitioners by
respondent No.1/Bank, after accepting
Rs.10,74,606/- and
10,26,600/- by way of the settlement in such eventuality, the order
passed by District Magistrate has lost its consequence as the loan
accounts stood regularized
