DAMA SESHADRI NAIDU
K. P. Roy – Appellant
Versus
Federal Bank Limited – Respondent
The petitioners, borrowers from the respondent Bank, faced recovery proceedings. After a notice under Section 13(2) of the SARFAESI Act, when the Bank sought to take symbolic possession under Section 13(4) of the Act, the petitioners filed S.A. No.74 of 2017 before the Debt Recovery Tribunal-I, Ernakulam.
2. Pending the SA, with no interim direction, the Bank took symbolic possession, and later invoked Section 14 for taking physical possession. Then the petitioners filed S.A. No.248 of 2017. Finally, the Tribunal dismissed both the S.As for non-prosecution. The Bank took physical possession of the property and fixed the date for sale, after serving notice on the petitioners, though.
3. Aggrieved, the petitioners filed W.P.(C) No.23936 of 2018, which was dismissed on 24th July 2018. This Court has observed that if the Bank took possession of the property pending the restoration applications before the Tribunal, that might give the petitioners a new cause of action. And they can as well approach the Tribunal, subject to other legal parameters. Indeed, the petitioners seem to have filed S.A. No.313 of 2018. The Tribunal issued notice and posted it to 07.08.2018; incidentally t
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