The main legal point established is the availability of statutory remedies under Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for aggrieved parties.

JUDGMENT

Avneesh Jhingan, J. - The present writ petition has been filed seeking quashing of order dated 04.04.2018 (Annexure P-10) whereby the application for restoration of Securitisation Application filed by the petitioner was dismissed.

2. Petitioner is the auction purchaser. Debts Recovery Tribunal-III, Chandigarh (hereinafter referred to as 'DRT'); Authorized Officer, Canara Bank, SME Branch, Cheema Chowk, Ludhiana; Canara Bank, Cheema Chowk, Miller Ganj, Ludhiana; UCO Bank, Miller Ganj Branch, Ludhiana, M/s Raman Forgings, Ludhiana; Harvinder Singh and Arvinder Singh have been arrayed as respondents No.1 to 7, respectively, in the writ petition.

3. The petitioner purchased property through open auction conducted by UCO Bank, Miller Ganj Branch, Ludhiana (hereinafter referred to as 'respondent-bank' ).

4. Respondent-Bank issued a sale certificate dated 15.03.2011 and subsequently sale deed was also registered on 05.04.2011 in favour of the petitioner. On the basis of sale deed, mutation was entered in favour of the petitioner by the revenue authorities.

5. Respondents No.5 to 7 availed a loan facility from respondent No.2 in the year 2008 and mortgaged following properties:

(i) All part and parcel of property factory land and building MC No.B-XXXI-6812/3-P measuring 555 sq. yards comprising Khata No. 206/237, Khasra No. 80//15, 81//11/2 hadbast No.178 as per jamabandi for the year 2001-02 situated at Village Kullewal, abadi Beant Colony, near Gopal Nagar, Tehsil and Distt. Ludhiana.

(ii) All part and parcel of the property House No.BXXXI7492/2C measuring 120 sq. yards comprised in Khata No. 266/297, khasra No. 757/24-25, 78//5, 79//1-2-3/2, Hadbast No.178 as per jamabandi for the year 2001-02 situated at Village Kullewal, abadi Ahluwalia colony, Tehsil and District Ludhiana.

(iii) All part and parcel of the property/plot measuring 800 sq. yards (400 sq. yards plus 400 sq. yards) comprising Khata No. 273/304, khasra No. 74//11/20/2, 75//7-14, 15, 16 Hadbast No.178 as per jamabandi for the year 2001-02 situated at Ahluwalia Colony, Village Kullewal, Tehsil and District Ludhiana.

6. There was default in repayment of loan by respondents No.5 to 7. Respondents No.2 and 3 issued demand notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity 'the Act'). Thereafter, notice dated 03.10.2012 under Section 13(4) was issued. The grievance of the petitioner is that respondent No.2 while taking physical possession of the mortgaged properties mentioned in the notice, took the possession of the property purchased by the petitioner in open auction. Aggrieved of the action of respondents No.2 and 3, a civil writ petition No.26222 of 2012 was filed. The writ petition was disposed of on 06.05.2013 with liberty to the petitioner for seeking recourse to alternative remedies available as per law.

7. Petitioner filed S.A.R.R. No.251 of 2013 before the DRT. Alongwith S.A.R.R., an application for condonation of delay of 246 days was filed. The Tribunal vide letter dated 09.05.2014 dismissed the application for condonation of delay. Aggrieved of the order of the Tribunal, appeal was filed before Debts Recovery Appellate Tribunal, New Delhi (DRAT). The DRAT, on 23.04.2015, allowed the appeal, condoned the delay and remanded the case back to the Tribunal for deciding the case on merits. During the pendency of S.A.R.R. No.251/2013, it was assigned a new number i.e. No.322/15. After the remand, no one appeared on behalf of the petitioner for atleast four dates. The tribunal dismissed the S.A.R.R. vide order dated 21.12.2015.

8. An application for restoration of the SARR was filed. The DRT vide order dated 04.04.2018, dismissed the application.

9. Aggrieved of the dismissal of restoration application, the present writ petitioner has been filed.

10. Against the impuged order, the petitioner has statutory remedies available under Section 18 of the Act.

11. For ready