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IN THE HIGH COURT OF HIMACHAL PRADESH AT SHIMLA
TARLOK SINGH CHAUHAN, RAKESH KAINTHLA
Gupta Hardware Store – Appellant
Versus
Union of India – Respondent
JUDGMENT :
Tarlok Singh Chauhan, J.
The instant petition has been filed for grant of the following reliefs:-
“A. Issue an appropriate writ, order or direction including a writ in the nature of certiorari and setting aside/quash the impugned Symbolic possession taken after Notice dated 27.07.2024 (ANNEXURE P-2) passed by the respondent no. 2 under Section 13 (4) of Securitisation and Reconstruction Assets of Financial and Enforcement of Security Interest Act, 2002 under Rule 8 of Security Interest (Enforcement) demand Notice Rules, 2002 and dated 19.03.2024 (ANNEXURE P-1)under Section 13 (2) of Reconstruction Securitisation and of Financial Assets and Enforcement Security Interest Act, 2002 issued by the of respondents Financial Institution with regard to shop property comprised n Khata No. 1442/264, Khasra no. 1150 having land measuring 38-00 Sq. Mtrs. LE Gair Mumkin Dukan pakki situated at Mohal Sunni Pratham, Tehsil Sunni, District Shimla, H.P. as per Jamabandi for the year 2010-11 and other subsequent action proceedings initiated by respondent Financial Institution as the same have been initiated in complete contravention of Securitisation and reconstruction of financial Assets and
Financial institutions cannot initiate SARFAESI proceedings for loan amounts below Rs.20,00,000/- as per Central Government regulations.
The court affirmed that the respondent qualified as a financial institution under the SARFAESI Act, rendering the recovery proceedings lawful and the writ petition non-maintainable due to available s....
Writ petitions against private financial institutions under the SARFAESI Act are not maintainable; statutory remedies must be pursued instead.
SARFAESI Act is a complete code by itself, providing for expeditious recovery of dues arising out of loans granted by financial institutions.
The SARFAESI Act provisions, including the enforcement of security interest, the rights of the borrower, the appeal process, and the non-maintainability of writ petitions against private financial in....
Point of Law : Section 17 of SARFAESI Act reads application against measures to recover secured debts.
The High Court should not exercise jurisdiction under Article 226 in matters governed by the SARFAESI Act where effective remedies exist, and classification of accounts as NPAs is not subject to judi....
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