9911796707
TMI Blog2016 (9) TMI 822X X X X Extracts X X X X X X X X Extracts X X X X ..... . This is a special piece of legislation intended to secure the interest of the financial institutions, while at the same time, affording a reasonable protection to the borrowers as well. When the measures adopted by the respondent bank by affording opportunity after opportunity to the petitioners to liquidate their liability have not been availed, there is nothing that this Court can do, particularly in exercise of its jurisdiction under Article 226 of the Constitution of India, which is essentially a discretionary jurisdiction, all the more so in the absence of any enforceable right in the hands of the petitioners vis--vis the 1st respondent bank. This apart, the transaction of financial arrangements entered into by and between the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g these measures, the present Writ Petition is filed. Heard learned counsel for the petitioners and Ms. Dyumani, learned Standing Counsel for the respondent bank. No meaningful explanation has been forthcoming from the petitioners as to the reasons why they have committed default in liquidating the liability, except taking a stock ground that due to power-cuts, cyclones and unprecedented rains, agricultural operations in the State have been badly affected with a spill over effect on the rice mill business, which the petitioners carried on. These supernumerary difficulties narrated by the petitioners cannot be accepted by this Court. The 1st respondent bank has issued a notice demanding liquidation of the entire liability, in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent bank to liquidate the entire liability, but they are procrastinating the same on one pretext or the other. In fact, Ms. Dyumani, learned Standing Counsel for the 1st respondent bank, upon instructions, would submit that the present sale notice, which was issued on 05.02.2016, is the sixth one issued proposing to put the secured asset to sale on 10.03.2016 between 03.00 and 04.00 P.M. and hence, she would submit that there is no justification whatsoever for this Court to show any indulgence to the cause of the petitioners. The respondent bank answers the description of the expression bank as defined under Section 2(1)(c) of the Act. We are also satisfied that the petitioners herein answer the description of borrower, default commit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to day business activities but even customers of a bank require to show a steadfast commitment and discipline. Failure to live up to the promises made, which alone induce the bank to lend money, will have a cascading effect on the business operations of a bank. This apart, when the non-performing assets are mounting, the very vitals of the economy gets impacted. Keeping all these factors in mind and to keep the economy afloat in the most-testing and trying circumstances, the SARFAESI Act has been ushered in by the Parliament. This is a special piece of legislation intended to secure the interest of the financial institutions, while at the same time, affording a reasonable protection to the borrowers as well. When the measures adopted by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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