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The Petition found to be non-maintainable and shall be appealed under Section 17 of the Sarfaesi Act 2002: High Court Of Patna

The petitioners have failed to show their bona fide since they are not ready to deposit any substantial amount out of the outstanding loan amount, due and payable, even according to them. The Court further found that the present writ petition is not maintainable and the appropriate remedy for the petitioner is to file an appropriate appeal under Section 17 of the ‘Sarfaesi Act, 2002’. The Hon’ble High Court of Patna before Justice Mr. Ahsanuddin Amanullah in the matter Charter Awadh Educational Trust and others v. State Bank of India and Ors[Civil Writ Jurisdiction Case No.19703 of 2021].

Current facts of the case were that the ownership of the school building has been taken under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter alluded to as the ‘Sarfaesi Act, 2002’).

The applicants are that candidate no. 1 is a trust framed for the reasons for setting up of a school and the candidate no. 2 is the Managing Trustee of the candidate no. 1. The candidates had taken credit from the respondent State Bank of India, Bikramganj Branch to the tune of Rs. 150.00 lakhs whereafter the solicitors had built the school building. In the long stretch of March 2016, the candidates had again applied for the upgrade of credit and a further advance of an amount of Rs. 3 crores were endorsed by the respondent Bank. Therefore, by non-installment of the portions of the credit being referred to, the advance record of the candidates was pronounced N.P.A. The bank had then made a move for recuperation of the whole credit sum. The learned senior advice for the candidate has presented that the specialists of the Bank have unexpectedly taken ownership of the structure is referred to.

It is presented that the applicants are prepared to exchange the due sum in portions and go into a genial settlement with the respondent Bank, consequently, the instance of the solicitors be viewed as thoughtfully considering the way the endless supply of the school being referred to, the future possibility of the youngsters would endure.

The Hon’ble High Court Of Patna held,” Having regard to the facts and circumstances of the case and considering the provisions of the ‘Sarfaesi Act, 2002’ and the aforesaid judicial pronouncements of the Hon’ble Apex Court, we do not find any merit in the present writ petition, hence the same stands dismissed, however, without any order as to costs.”

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Judgment Reviewed By Nimisha Dublish

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