IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 38728 of 2010(M)
1. SAJU JACOB, S/O. C.S.JACOB,
... Petitioner
Vs
1. THE PUNJAB NATIONAL BANK,
... Respondent
For Petitioner :SRI.P.M.ZIRAJ
For Respondent :SRI.MATHEWS V.JACOB (PARAVUR)
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :18/01/2011
O R D E R
S.SIRI JAGAN, J.
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W.P.(C).No.38728 of 2010
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Dated this the 18th day of January, 2011
J U D G M E N T
The petitioner is challenging proceedings under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002, initiated by the bank to whom the petitioner is
liable to repay loan amounts taken from the bank. This Court has by
interim order dated 28.12.2010 directed that the sale, if any, taken
place pursuant to Ext.P5 notice shall not be confirmed for a period of
one month subject to the condition that the petitioner remitting an
amount of ` 10 lakhs on or before 15.1.2011. The learned counsel for
the Bank submits that the condition in the interim order has not been
complied with.
It is the settled law, as laid down by the supreme Court, that
proceedings under the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002, should not be
interfered with under Article 226 of the Constitution of India and the
parties should be relegated to their remedy by way of appeal before
the Debts Recovery Tribunal. In the above circumstances, without
prejudice to the right of the petitioner to approach the DRT
appropriately, if he can do so at this point of time, this writ petition is
dismissed.
Sd/-
sdk+ S.SIRI JAGAN, JUDGE
///True copy///
P.A. to Judge
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