SUKHJINDER SINGH v. ASSET CARE AND RECONSTRUCTION ENTERPRISE LIMITED

DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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