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2016 DIGILAW 587 (GAU)

Adisons Constructions Ltd. & Anr. v. Bank of India & Anr.

2016-06-23

AJIT SINGH, SUMAN SHYAM

body2016
Ajit Singh; CJ.:-- 1. Ms. P. Chakraborty, learned counsel for the petitioner. 2. Mr. M Sarma, learned counsel for the respondents. 3. The petitioner is a borrower and is under a liability to the secured creditors (respondents) under a security agreement. The petitioner has also made default in the payment of secured debt and his account in respect of such debt is classified by the secured creditors as non-performing asset. The secured creditors have, therefore, issued a notice to the petitioner either to discharge his liability or recourse shall be taken by one of the measures provided under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the Act'). 3. The petitioner apprehending immediate dis-possession from his property kept as security with the creditors has rushed to file the present petition. 4. Learned counsel for the secured creditors undertakes that petitioner will not be dis-possessed from the property except by taking recourse to the measures provided under Section 13(4) of the Act. And on this undertaking, learned counsel for the petitioner has expressed satisfaction. 5. This being the situation, we find no justification to proceed further with the present petition. It stands finally disposed of.