Jammu & Kashmir High Court
M/S S.A. Enterprises & vs Union Of India & Ors on 15 March, 2021
Bench: Chief Justice, Sindhu Sharma
HIGH COURT OF JAMMU AND KASHMIR Sr. No. 136
AT JAMMU
CJ Court
Case : WP(C) No. 494 of 2021
M/s S.A. Enterprises & .... Petitioner/Appellant(s)
another
Through:- Sh. V.R. Wazir, Sr.
Advocate with Sh. Neeraj
Magotra, Advocate
V/s
Union of India & ors. .....Respondent(s)
Through:-
CORAM :
HON'BLE THE CHIEF JUSTICE
HON'BLE MRS. JUSTICE SINDHU SHARMA, JUDGE
ORDER
01. Heard Sh. V. R. Wazir, Senior counsel appearing for the petitioners assisted by Sh. Neeraj Magotra, Advocate.
02. The petitioners are aggrieved by Notice dated 01.02.2021 issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
03. The submission of learned senior counsel for the petitioners is that there is no alternative statutory remedy available to the petitioners except to approach this Court, in as much as, Section 17 of the Securitization Act is not applicable to the Union Territory of Jammu & Kashmir.
04. On merits the submission is that on account of Covid-19 pandemic, Government has granted protection to the borrowers and in 2 WP(C) No. 494 /2021 respect thereof, guidelines for credit guarantee scheme for subordinate debts for stressed/NPA MSMEs has been framed which are effective from 24.06.2020. The petitioners are entitled to the benefit of the said guidelines and as such, no secured assets of the petitioners can be sold away.
05. Be as it may be, in the interest of justice, we dispose of the petition with liberty to the petitioners to approach the Union Bank of India with an appropriate application seeking the benefit of the aforesaid guidelines on or before 18.03.2021 which is the date fixed for the auction and in case the petitioners so approach, the Bank will consider the application and pass appropriate speaking order on it in accordance with law most expeditiously preferably within a period of two weeks' and till the said application/representation is so considered or for a period of two weeks, whichever is earlier, the auction proceedings if any held on 18.03.2021 shall not be finalized.
06. Disposed of alongwith connected application(s).
(SINDHU SHARMA) (PANKAJ MITHAL)
JUDGE CHIEF JUSTICE
JAMMU
15.03.2021
SUNIL-II
Whether the order is speaking : Yes/No
Whether the order is reportable : Yes/No
SUNIL KUMAR
2021.03.16 11:05
I attest to the accuracy and
integrity of this document