This petition sought to restrain the bank from taking physical ...

Petitioner violated undertakings, failed to clear dues despite extensions. Bank allowed to take possession of properties.

Case Laws     Indian Laws

July 10, 2024

This petition sought to restrain the bank from taking physical possession of two immovable properties. The court held that the petitioner grossly violated undertakings dated 21st September 2022 and 2nd June 2023. Despite being served a demand notice u/s 13(2) of SARFAESI Act, the petitioner failed to point out any illegality in the bank's actions but succeeded in preventing the bank from taking possession by making representations before DRT and HC regarding intention to clear dues. However, the petitioner failed to avail the extension granted by the court and bank. The prayer for extension was satisfied by orders dated 13th September 2022 and 25th May 2023, but the petitioner failed to make payments within the extended time. Hence, the petitioner is not entitled to restraining the bank, and the petition is dismissed.

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