Mr. Muzaffar Hamid Bhat v. Jammu and Kashmir Bank & Ors.

Mr. Muzaffar Hamid Bhat Vs. Jammu and Kashmir Bank and Ors. ...Respondent(s) Through: CORAM: Mr. Abubakr Pandit, Advocate. Mr. Abubakr Pandit, Advocate, vice Mr. Prateek Khaitan, Advocate, & Mr. Abid Arsalan, Advocate. HON’BLE THE CHIEF JUSTICE HON’BLE MR. JUSTICE WASIM SADIQ NARGAL, JUDGE O R D E R 04.03.2024

#2. Heard Mr. Muzaffar Hamid Bhat, learned counsel for the petitioners. The present petition has been filed challenging the notice issued under Section 13 (2) of the SARFAESI Act, 2002. According to learned counsel for the petitioners, the Bank issued the notice under Section 13 (2) on 08.02.2024 and, the petitioners responded to the notice on 21.02.2024, by submitting a comprehensive representation.

#3. It is pertinent to note that Section 13 (3- A) of the Act provides that if, on receipt of the notice under sub-section (2) of Section 13, the borrower makes any representation or raises any objection, the secured creditor shall consider such representation or objection and if the secured creditor comes to the conclusion that such representation or objection is not acceptable or tenable, he shall communicate within fifteen days of receipt of such representation or objection the reasons for non-acceptance of the representation or objection to the borrower.

#4. In view of the above, we are not inclined to pass any interim order at this stage as the 15 days period prescribed by Section 13 (3-A) of the SARFAESI Act, 2002 is yet to expire. The petitioners shall await the decision of the respondent-Bank, which must be communicated in writing as per the provisions of Section 13 (3-A) and if the petitioners remains aggrieved by any decision, they are at liberty to approach the appropriate forum.

#5. With the above observations and direction, the present petition stands disposed of. (WASIM SADIQ NARGAL) JUDGE (N. KOTISWAR SINGH) CHIEF JUSTICE SRINAGAR 04.03.2024 Junaid