DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/375/2024 SUKHJINDER SINGH & ANOTHER
Vs ASSET CARE AND RECONSTRUCTION ENTERPRISE LIMITED
06.11.2024 Item No.18 Present: Sh. SK Dahiya, Counsel for the Applicants. None for the respondent.
Heard on SA No. 375 of 2024
Sukhjinder Singh and another (Applicants) have filed this
Securitization Application under Section 17 of the Securitization and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 (SARFAESI Act), against Asset Care and Reconstruction
Enterprises Limited (Respondent).
Vide sanction letter dated 11.08.2017, Respondent had sanctioned
the loan of Rs.61,02,640/- to the applicants. To secure the loan,
Applicants had created security interest in respect of property bearing No.
AV65 in Jheeta Kalan Abadi, Near Best Price, Amritsar, total area
measuring 251.06 sq. yards. The loan was repayable in equal monthly
installments of Rs. 61,897/-, over a period of 15 years. As per the
Applicants, they had made some payments and approached the
Respondent for OTS. However, Respondent did not reply to the same.
Applicants have alleged that they were never served with the notice under
Section 13(2) of the SARFAESI Act and straightaway passed the order
under Section 14 of the SARFAESI Act and served upon them.
Accordingly, it is submitted that the SARFAESI proceedings initiated by
the Respondent be quashed.
Notice of the SA was given to the respondent. However, despite
service nobody has put in appearance on behalf of the respondent and
respondent was proceeded ex parte on 03.10.2024.
There is no material on the record that the applicants were served
with the notice under Section 13(2) of the SARFAESI Act. The material
produced on record by the applicants has gone unrebutted. Accordingly, I
hereby set aside the SARFAESI action initiated by the Respondent and the
present SA stands disposed of.
File be consigned to the record room after due compliance.
(A S Narang) Presiding Officer
Pronounced in open court. DRT-I, Chandigarh MANOJ
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