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IN THE HIGH COURT OF KERALA AT ERNAKULAM
HARISANKAR V.MENON
A.A.Joseph – Appellant
Versus
Hong Kong And Shanghai Banking Corporation Limited – Respondent
| Table of Content |
|---|
| 1. challenges regarding the sale under the sarfaesi act. (Para 1 , 2 , 3) |
| 2. proceedings involve multiple lawyers representing different parties. (Para 4) |
| 3. interpretation of limitations under sarfaesi act is critical. (Para 5 , 6 , 7) |
| 4. doubtful judicial reasoning on limitations is discussed. (Para 8) |
JUDGMENT :
HARISANKAR V. MENON, J.
The petitioner has filed the captioned writ petition seeking to challenge Ext.P15 order of the Debt Recovery Appellate Tribunal (DRAT), against the findings in Ext.P13 order of the Debt Recovery Tribunal (DRT), Ernakulam, in an application filed by the 3rd respondent herein under the provisions of Section 17(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 (hereinafter referred to as ‘the Act’ for short).
2. The 3rd respondent had obtained some credit facilities from the 1st respondent-Bank. Insofar as the repayment was not punctual, the Bank initiated steps with reference to the provisions of the Act. It is not in dispute that a possession notice under Section 13(4) of the Act was served on the 3rd respondent herein. Later, the property was placed for sale on 17.09.
The presiding officer of the DRT cannot ignore statutory limitation periods prescribed in the SARFAESI Act despite alleged procedural irregularities.
Mandatory limitation periods under the SARFAESI Act must be strictly adhered to, and tribunals lack inherent power to condone delays beyond the defined period.
SARFAESI Act is enacted for quick enforcement of security.
The limitation period for filing challenges under the Securitization Act is strict, and delays cannot be condoned, emphasizing the need for timely action in debt recovery matters.
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