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S. S. SUNDAR, S. SRIMATHY
G. Ramamoorthy, Pro. M/s. Ramani Match Works, Virudhunagar – Appellant
Versus
Chief Manager/Authorized Officer, Indian Bank, Virudhunagar – Respondent
JUDGMENT
(Prayer: Writ Petition filed under Article 226 of Constitution of India, to issue a Writ of Certiorarified calling for the records relating to the impugned sale notice dated 13.07.2022 issued by the respondent and the sale was fixed on 26.08.2022 and quash the same as illegal.)
S.S. Sundar, J.
1. Challenging the impugned sale notice, dated 13.07.2022 issued by the respondent Bank, the above writ petition is filed.
2. Heard Mrs. Mahalakshmi, learned counsel appearing for the petitioner and Mr.R.Pandivel, learned Standing Counsel appearing for the respondent.
3. By consent, this writ petition is taken up for final hearing.
4. It is admitted by the petitioner that a sum of Rs.18,76,545/- is due as on 12.07.2022. It is found that the property, which is offered as security, is equivalent to the amount due.
5. Considering the facts and circumstances of the case and also considering the submissions of the learned counsel appearing on either side, particularly, taking note of the fact that the petitioner has come forward to pay substantiate amount upto 25% of the total due within four months from today, this Court is inclined to dispose of the writ petition in the following directions:-
The court has the discretion to provide directions for deferment of sale proceedings and allow the petitioner to seek relief under RBI guidelines.
The court has the authority to provide directions to the respondent bank regarding the deferment of sale or action pursuant to the possession notice, and the petitioner can submit a representation fo....
Invoking jurisdiction under Article 226 of the Constitution of India in the circumstances of a pending SARFAESI Application before the Debts Recovery Tribunal would amount to an abuse of process of c....
The court found that it would not be proper to entertain the petition challenging the auction sale notice at this stage.
Point of Law : Provisions of section 13(8) of Act gave power to borrower to redeem property till last minute before sale takes place.
The rights of redemption for borrowers are constrained to the publication date of sale notices, according to the statutory regime and relevant case law.
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