Court No. - 27 Case :- MISC. BENCH No. - 96 of 2010 Petitioner :- Jaiswal Cement Agency,Pratapgarh Thru Prop. & Ors. Respondent :- State Of U.P. Thru Prin. Secy. Cooperative & Ors. Petitioner Counsel :- Abhishek Mishra,Hemant Kr. Misra Respondent Counsel :- C.S.C. Hon'ble Devi Prasad Singh,J.
Hon’ble S.C. Chaurasia,J.
Learned CSC has accepted notice on behalf of O.P. No.1, 2 and 3. Let notice
be issued to O.P. No.4, and 5 returnable at an early date. Apart from regular
mode of service, liberty is given to the petitioner to serve O.P. No.4, and 5
outside the Court for which Registry shall provide dasti summons.
While assailing the impugned proceeding for auction and sale of property, it
has been stated that loan taken from the Cooperative Bank, is not recoverable
under the provisions of Securitisation and Reconstructions of Financial Assets
and Enforcement of Security Interest Act, 2002 ( in short the Act). Learned
counsel for the petitioner relied upon the judgment of Hon’ble Supreme Court
reported in (2007) 6 SCC 236: Greater Bombay Coop. Bank Ltd. Vs.
United Yarn Tex (P) Ltd. And others.
Accordingly, keeping in view the judgment of Greater Bombay Coop. Bank
Ltd. (supra), further recovery proceeding in pursuance of impugned auction
notice contained in Annexure No.3 to the writ petition, is stayed to the extent
it relates to the petitioner. However, it shall be open to the respondents to
recover the dues in accordance with law by adopting other mode of recovery
provided by Statutes.
List on 10.2.2010.
Order Date :- 7.1.2010
Rajneesh)