Excelsior Correspondent
JAMMU, Mar 12: The High Court of Jammu & Kashmir and Ladakh has granted interim relief to petitioner Sanjeev Wazir by staying the operation of a notice issued under Section 13(2) of the SARFAESI Act, while directing him to continue depositing the requisite amount as if the loan account had not been declared a Non-Performing Asset (NPA).
The interim order was passed by a Division Bench of Justice Sanjeev Kumar and Justice Sanjay Parihar in the petition filed by Sanjeev Wazir through Advocate Ashish Sharma with Advocate Pushkin Antal, challenging the impugned SARFAESI notice. On behalf of the respondents, Advocate Ajay Gandotra waived notice and sought time to file objections.
After hearing the matter, the Bench granted the respondents four weeks’ time to file objections and directed that the case be listed on May 13, 2026. Meanwhile, the Court ordered that, subject to objections and till the next date of hearing, the impugned notice issued under Section 13(2) of the SARFAESI Act shall remain stayed. However, the Bench made it clear that the petitioner shall continue to deposit the requisite amount regularly as if the account had not been classified as NPA, and the bank shall accept the amount subject to the outcome of the writ petition.
The Court further observed that in the event of any further default by the petitioner, the bank would be free to initiate proceedings in accordance with law under the SARFAESI Act.
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