M/s Chaudhary Beej Bhandar & Anr. v. State Bank of India & Anr.

HON’BLE MR. JUSTICE ANUPINDER SINGH GREWAL HON’BLE MR. JUSTICE ANUPINDE CORAM : HON’BLE MR. JUSTICE ANUPINDE HON’BLE MS. JUSTICE LAPITA BANERJI HON’BLE MS. JUSTICE LAPITA BANERJI HON’BLE MS. JUSTICE LAPITA BANERJI Mr. Rahul Makkar, Advocate, Present : Mr. Rahul Makkar, Advocate, for the petitioner(s). for the petitioner Mr. Chandeep Singh, Mr. Chandeep Singh, Advocate, for the respondent/Bank. for the respondent/Bank. *** ANUPINDER SINGH GREWAL, J. (Oral) ANUPINDER SINGH GREWAL, J. (Oral Learned counsel for the petitioner( Learned counsel for the petitioner (s) submits that a notice under Section 13(2) of the SARFAESI Act was issued to the petitioner on Section 13(2) of the SARFAESI Act was issued to the petitioner on Section 13(2) of the SARFAESI Act was issued to the petitioner on

21.07.2023 whereby whereby a demand of Rs.27,26,312/ ,26,312/- was raised. The petitioner had paid a total amount of total amount of Rs.24 lakh by 19.03.2024. 24 lakh by 19.03.2024. However, the respondent-Bank had issued e Bank had issued e-auction notice on 24.06.2024 auction notice on 24.06.2024 (Annexure P-6). He further submits that petitioner had paid an amount of Rs.1 lakh to the He further submits that petitioner had paid an amount of Rs.1 lakh to the He further submits that petitioner had paid an amount of Rs.1 lakh to the nsel for respondents No.1 and 2 in Court on 18.07.2024 and had counsel for respondents No.1 and 2 in Court on 18.07.2024 and had nsel for respondents No.1 and 2 in Court on 18.07.2024 and had transferred another sum of Rs.50,000/- to the respondent transferred another sum of Rs.50,000/ to the respondent-Bank on that day. He has paid an additional sum of Rs.1.5 lakh to the respondent He has paid an additional sum of Rs.1.5 lakh to the respondent-Bank on

21.10.2024. He submits that petitioner was

24. He submits that petitioner was repaying the amount paying the amount regularly but 19 pandemic. could not do so partly due to Covid-19 pandemic. could not do so partly due to Covid

2. Learned counsel for the respondent-Bank upon instructions from Learned counsel for the respondent Learned counsel for the respondent Panchkula submits that the outstanding aibir Singh, Chief Manager, SRB Panchkula submits that the outstanding Jaibir Singh, Chief Manager, SRB amount is Rs.6 lakh approximately which includes interest @ 9.25% p.a. in amount is Rs.6 lakh approximately which includes interest @ 9.25% amount is Rs.6 lakh approximately which includes interest @ 9.25% in CCL account and other expenses amounting GECL account and 13.25% p.a. in CCL account and other expenses amounting GECL account and 13.25% . to Rs.35,000/-. VANDANA 2024.12.12 10:06 I attest to the accuracy and integrity of this document 2024 (O&M) CWP-16516-2024 (O&M)

4. Heard. Heard. In view of the afore-noted facts and In view of the afore noted facts and circumstances especially when the petitioner has shown his bona fide when the petitioner and had returned substantial amount to the Bank, we deem it appropriate to direct the petitioner amount to the Bank, we deem it appro priate to direct the petitioner to pay the outstanding amount along with interest @ 7% outstanding amount along with interest @ 7% per annum. As per calculation of the counsel for the respondent e counsel for the respondent-Bank, the amount would Bank, the amount would be of Rs.4.25 lakh. He however submits that the submits that the petitioner should pay should pay the entire amount as per the contractual rate of interest. contractual rate of interest.

5. Learned counsel for the petitioner Lea rned counsel for the petitioner submits that petitioner would e outstanding amount of Rs.4.25 lakh which includes rate of interest @ pay the outstanding amount of Rs.4.25 lakh which includes rate of interest @ e outstanding amount of Rs.4.25 lakh which includes rate of interest @ 7% per annum within a period of one month from now. within a period of one month from now.

6. noted facts and circumstances, we are of the In the afore-noted facts and circumstances, we are of the In the afore idered view that the petitioner has shown his bona fide and is willing to idered view that the petitioner has shown his considered view that the petitioner has shown his pay the outstanding amount with interest @ 7% pay the outstanding amount with interest @ 7% per annum which amounts to Rs.4.25 lakh within a period of one month. In the event of the petitioner doing Rs.4.25 lakh within a period of one month. In the event of the petitioner doing Rs.4.25 lakh within a period of one month. In the event of the petitioner doing Bank shall not take any further steps under SARFAESI Act. so, the respondent-Bank shall not take any further steps under SARFAESI Act. so, the respondent not pay the amount of Rs.4.25 lakh However, in the event, the petitioner does not pay the amount of Rs.4.25 lakh However, in the ev within a period of one month, the respondents would be at liberty to pursue the within a period of one month, the respondents would be within a period of one month, the respondents would be proceedings under the SARFAESI Act against the petitioner. proceedings under the SARFAESI Act against the petitioner. proceedings under the SARFAESI Act against the petitioner.

7. The petition stands disposed of. The petition stands disposed of. (ANUPINDER SINGH GREWAL) (ANUPINDER SINGH GREWAL) JUDGE JUDGE (LAPITA BANERJI) (LAPITA BANERJI) JUDGE JUDGE , 2024 December 11, 2024 vandana Whether speaking/reasoned : Whether speaking/reasoned : Whether reportable : Whether reportable : Yes/No Yes/No VANDANA 2024.12.12 10:06 I attest to the accuracy and integrity of this document