IMPORTANT POINT
Remedies available to an aggrieved person under SARFAESI Act are both expeditious and effective.

R. M. Savant, J.—Admit, with the consent of the learned counsel for the parties heard forthwith.

2. The revisionary jurisdiction of this Court is invoked against the order dated 27/11/2014 passed by the learned 5th Joint Civil Judge, Junior Division Pune by which order the learned Judge has decided the preliminary issue and has ruled that his Court is having the jurisdiction to try and entertain the suit in question.

3. The facts giving rise to filing of the above Civil Revision Application, in brief, can be stated thus :

The Respondent herein is the original Plaintiff who has filed the suit in question being Regular Civil Suit No.1756 of 2014 seeking a permanent injunction for restraining the Applicant herein i.e. the DefendantBank from reauctioning the property. The property in contention is CTS No.1194/27A admeasuring 552 sq.mtrs. situated at Shivajinagar, Pune which was mortgaged to the Defendant Bank as a security against the loan amount of one M/s. Pratam Motors. The Defendant Bank was pleased to sanction a loan of Rs.2,50,00,000/with interest @ 18% p.a. and repayable in 48 installments and a loan of Rs.1,00,00,000/with interest @ 36% and repayable in 12 installments to the said M/s. Pratham Motors. To secure the due repayment of the amounts advanced to the said M/s. Pratham Motors, the said property was mortgaged to the Defendant Bank by one Rajiv Yeshwant Bhale, who was the Managing Partner of the said M/s. Pratham Motors and two others under a registered Deed of Mortgage thereby the said mortgagors have mortgaged their right, title and interest in the said property known as “Yashomala”. On default being committed by the said M/s. Pratham Motors in repayment of the said loan amounts, the account maintained by the Defendant Bank was classified as a Non Performing Asset. The Authorized Officer of the Defendant Bank thereafter issued notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity’s sake herein after referred to as “the SARFAESI Act”) calling upon the said M/s. Pratham Motors and its partners/guarantors to pay an aggregate amount of Rs.3,92,35,022.38 payable as on 24/5/2012 with further interest @ 3% p.a. From 25/5/2012 till payment and/or realization. In view of the fact that inspite of the said notice, the same was not complied with, the Defendant Bank proceeded to take measures under Section 13(4) of the SARFAESI Act and had taken physical possession of the said property by following the due process of law and in conformity with the Security Interest (Enforcement) Rules, 2002 (for short “the Rules of 2002”). The said property was thereafter put up for auction on 14/11/2013. In view of the fact that no offer was received pursuant to the said auction, fresh auction was again held by again issuing public notice on 28/11/2013. The Plaintiff participated in the said auction proceeding which was conducted on “as is where is basis” and also on “as is what is basis”. The Plaintiff was declared as the successful bidder who had made the highest offer of Rs.8,51,00,000/and paid 15% of the Earnest Money Deposit as per the terms of the auction proceedings. In view of the subsequent default committed by the Plaintiff in payment of the balance sale consideration/bid amount, the Defendant Bank proceeded to forfeit the Earnest Money Deposit made by the Plaintiff and cancelled the said sale and put up the said property i.e. the secured asset for resale again by public auction by issuing an attachment.

4. The Plaintiff aggrieved by the said act on the part of the Defendant Bank of reauctioning the property, has filed the suit in question seeking permanent injunction. It is the case of the Plaintiff that at the time of payment of further amount, the Plaintiff came to know that the said property has been under the statutory attachment of the Income Tax Department. The Plaintiff therefore immediately asked for a explanation regarding th