Petitioner aggrieved by notices issued by bank u/s 13(2) and 13(4) can appeal against such notices u/s 17 before DRT

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  • Last Updated on 22 September, 2021

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act SARFAESI

Case details: Shyam Radios Railway Bazar Haldwani v. Punjab National Bank - [2021] 130 taxmann.com 220 (Uttarakhand)

Judiciary and Counsel Details

    • Raghavendra Singh Chauhan, CJ. and Alok Kumar Verma, J.
    • Xitij Kaushik, Ld. Counsel CJ for the Appellant. 
    • Siddhartha Jain, Ld. Counsel and J.C. Pandey, Ld. Brief Holder for the Respondent. 

Facts of the Case

The Petitioner-company obtained a loan from a bank and pledged the relevant properties as collateral. Following that, the petitioner defaulted on repayment. As a result, the petitioner asked the bank to work with them and allow them to repay the debt in manageable instalments.

The Bank, on the other hand, had refused such a proposal and instead issued notices to the petitioner under Sections 13(2) and 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

High Court Held

The petitioner, who was dissatisfied with the notices, filed a writ petition contesting them, and the High Court of Uttarakhand remarked that the petitioner had an effective alternative remedy in appealing the notices before the Debts Recovery Tribunal. As a result, the Single Judge was right in dismissing the petitioner’s writ petition.

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