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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
A. S. CHANDURKAR, M. M. SATHAYE, JJ.
Urmiladevi Mahavirprasad Jain – Appellant
Versus
Punjab National Bank – Respondent
JUDGMENT :
M. M. Sathaye, J.
1. Rule. Learned counsel for contesting Respondent No.1-Bank waives service. Rule made returnable fortwith. Heard finally by consent.
2. In this order, Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is referred to as ‘SARFAESI Act’ and Recovery of Debts and Bankruptcy Act, 1993 is referred to a ‘RDB Act’ for convenience.
CASE AND SUBMISSIONS
3. Few facts necessary for passing this order, are as under.
3.1 The Petitioners (Urmiladevi and Pannalal together) are 40% partners in Respondent No. 2-Vardhaman Enterprise (‘the said Firm’ for short) alongwith Respondent No. 3 (Renudevi) who is remaining 60% partner. Petitioner No. 1 is 62 years old lady and Petitioner No. 2 is 97 year old man.
3.2 Loan was sanctioned to the said Firm in 2015 by Respondent No. 1 Bank. The Petitioners and Respondent No. 3 executed deeds of guarantee and mortgage in favour of Respondent No. 1 Bank. In October 2019, the account of the Firm was declared as non-performing asset (NPA) and notice under Section 13(2) of the SARFAESI Act was issued, thereby initiating measures for recovery. The Respondent No. 1-Bank filed Original Application No. 7 of 2020 for r
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A writ petition under Article 226 is not maintainable when an effective statutory remedy exists under the Securitisation Act, especially in recovery related matters.
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Compliance with the pre-deposit requirement for filing an appeal under Section 18 of the SARFAESI Act is mandatory, and proceedings initiated by an attorney of the borrower/mortgagor are not consider....
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