2021 (12) TMI 1551

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....ptcy<br>HON&#39;BLE SRI JUSTICE UJJAL BHUYAN AND HON&#39;BLE SMT. JUSTICE P. MADHAVI DEVI For the Petitioners : Sri V. Seetharama Avadhani. For Respondent : Sri Jarupula Ramu. ORDER: (PER HON&#39;BLE SRI JUSTICE UJJAL BHUYAN) 1 By filing this petition under Article 226 of the Constitution of India, petitioners seek quashing of possession notice dated 09.10.2019 issued by the respond....

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....d One Time Settlement (OTS). 5 According to the petitioners, respondent - Union Bank of India had accepted the OTS scheme for an amount of Rs.&nbsp;70,00,00 000-00, vide letter dated 13.11.2019. Because of the COVID-19 pandemic and the resultant lockdown, the company could not make the payment. Therefore, it sought for extension of time to comply with the OTS scheme. Time was extended, but only....

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....ated 20.11.2021, respondent - Union Bank of India informed the petitioners that their stand of paying balance OTS amount only after successful negotiations with three non- banking financial companies was not acceptable. It was pointed out that as no concrete action plan for payment of balance OTS amount along with interest for the delayed period was not provided, proposal of the petitioners for ex....

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....re the jurisdictional Debts Recovery Tribunal under Section 17 of the SARFAESI Act. However, we find that possession notice was issued way back on 09.10.2019, whereas, the Securitization Application was filed only in the year 2021 after the notice to vacate the premises was issued on 30.11.2021. As per Section 17 of the SARFAESI Act, the limitation period for filing such application s 45 days. ....