2002 Supreme(Raj) 1063

High Court Of Rajasthan
Judgename : Arun Kumar,Gyan Sudha Misra
Sachin Ranka - Appellant
Versus
State of Rajasthan - Respondent
D.B. Civil Writ Petition No. 6385 of 2002
Decided On : 09/19/2002

The court's decision was based on the need to issue a restraining order against the IDBI from taking action under Section 13(4) of the Ordinance.

Headnote:

Securitisation and Reconstruction of Financial Assets - Restraining Order

Fact of the Case:

The court issued a restraining order against the Industrial Development Bank of India (IDBI) from taking any action under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance 2002.

Finding of the Court:

The court issued notices to the respondents and made the rule returnable within two weeks. It also issued a notice on the stay application. Meanwhile, the IDBI was restrained from taking any action under Section 13(4) of the Ordinance.

Issues: The main issue was the application of Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance 2002.

Ratio Decidendi: The court's decision was influenced by the need to prevent the IDBI from taking any action under Section 13(4) of the Ordinance, as proposed in the notice dated 27.2002.

Final Decision: The court restrained the IDBI from taking any action under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance 2002.