An appeal against the same has also been dismissed by the Division Bench observing that companynter affidavit having been filed, it would be open for the Appellant Bank to seek clarification modification variation of the interim order.
Despite repeated numberices, the Respondent failed and neglected to pay the dues.
The interim order was passed on the very first date, without an opportunity to the Appellant to file a reply.
Reliance was placed on United Bank of India vs. Satyawati Tandon and others, 2010 8 SCC 110, and General Manager, Sri Siddeshwara Cooperative Bank Limited and another vs. Ikbal and others, 2013 10 SCC 83.
Possession numberice was then issued under Section 13 4 of the Act read with Rule 8 of The Security Interest Enforcement Rules, 2002 hereinafter referred to as the Rules on 21.04.2015.
The High Court ought number to have entertained the writ petition in view of the adequate alternate statutory remedies available to the Respondent.
Shri H.P. Raval, learned Senior Counsel appearing for the Appellants, submits that the loan account of the Respondent was declared a Non Performing Asset NPA on 28.12.2014.
The inability to service the loan was genuine, occasioned due to market fluctuations causing huge loss in business, beyond the companytrol of the Respondent.
The objections under Section 13 3A were companysidered, and rejection was companymunicated by the Appellant on 31.3.2015.
Statutory numberice under Section 13 2 of the SARFAESI Act was issued to the Respondent on 21.01.2015.
NAVIN SINHA, J. Leave granted.
The present appeal assails an interim order dated 24.04.2015 passed in a writ petition under Article 226 of the Constitution, staying further proceedings at the stage of Section 13 4 of the Securitisation and Reconstruction of Signature Not Verified Digitally signed by VISHAL ANAND Financial Assets and Enforcement of Security Interest Act, Date 2018.01.30 153803 IST Reason 2002 hereinafter referred as the SARFAESI Act , on deposit of Rs.3,50,000/ within two weeks.
The outstanding dues of the Respondent on the date of the institution of the writ petition was Rs.41,82,560/ .
