Back
IN THE HIGH COURT AT CALCUTTA
OM NARAYAN RAI
Biswajit Pattanayak – Appellant
Versus
Union of India – Respondent
JUDGMENT :
Om Narayan Rai, J.
1. Affidavit of service filed in Court today be kept with the record.
2. This writ petition assails the action of the bank under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short ‘said Act’).
3. Mr. Samir Ranjan Aich, the learned Advocate for the writ petitioner submits that the bank has acted in a high handed manner in taking physical possession of the writ petitioner’s property and putting it on auction under the said Act despite the fact that the writ petitioner is a guarantor and not the borrower. The writ petitioner complains that the bank has for obvious reasons not pursued its remedy against the principal borrower and has latched on to the property of the guarantor. It has been further submitted that it is impermissible for the bank to take recourse to the remedy only against the guarantor by leaving the borrower scot free. It is, therefore, prayed that the property of the writ petitioner whereof physical possession has been taken and which has been sold in auction may be restored to the writ petitioner.
4. Mr. Pijush Kanti Ray, learned Advocate appearing on behalf of t
A writ petition challenging actions under the Securitisation Act is not maintainable when alternative remedies are available, especially when the petitioner is not a borrower or guarantor.
The presence of a statutory alternative remedy precludes the maintenance of a writ petition regarding actions taken under the Securitisation and Reconstruction of Financial Assets Act.
Recovery of debt – Action initiated by a private financial institution, is not amenable to writ jurisdiction.
Appellate courts uphold that existence of statutory remedy under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act precludes writ petitions against measur....
A guarantor must comply with court directives regarding loan installments and can seek remedy at the Debts Recovery Tribunal for grievances related to enforcement actions.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
