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Debt Recovery – SARFAESI – Declaring Account as NPA

Debt Recovery – SARFAESI – Declaring Account as NPA 2015 STPL(Web) 581 JHAR (JHAR) - Judgment Date: 14-10-2014 - order valid
PARITRAN TRUST, JHARKHAND Vs. PUNJAB NATIONAL BANK, DELHI AND OTHERS

Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Sections 13 (2), 13 (3-A) – Declaring account as NPA – Recovery of debt – Proposal of the borrower for raising additional unsecured loan was approved by all the respondent-Banks – Petitioner-Trust did not fulfill the condition contained in letter dated 14-12-2010 – In-spite of opportunities granted to the petitioner, it failed to regularize its account and discharge its loan liability – Do not find any arbitrariness, illegality or irregularity in rejecting the representation dated 21-1-2012 of the petitioner or in letter dated 9-12-2011 whereby notice under Section 13(2) of the SARFAESI Act, 2002 was issued by the respondent-Banks.

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