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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Monika Fabrics – Appellant
Versus
Bank of Baroda – Respondent
JUDGMENT
G.S. Sandhawalia, J. (Oral)
The challenge in the present writ petition filed under Articles 226 and 227 of the Constitution of India is to set aside the sale of the sole residential house conducted by the bank on 14.03.2023. The violation of The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 2002' Act) is alleged on the ground that the property has been sold at a throw away price at Rs.1,53,12,000/- and the procedure prescribed has not been followed and the value of the property was Rs.3.25 crores.
2. A perusal of the Memo of Parties would go on to show that neither the auction purchaser is a party herein and, therefore, in the absence of the said person, we are not inclined to entertain the present writ petition. Even otherwise, there is efficacious and alternate remedy provided under Section 17 of the 2002 Act, which has been subject matter of debate time and again. Reliance can be placed upon the judgment passed in G.M. Sri Siddeshwara Co-operative Bank Ltd. & another v. Sri Ikbal & others , 2013 (10) SCC 83 . In the said case, the mortgaged property had been auctioned and the sale certificate had been quash
The main legal point established in the judgment is that the availability of an alternative remedy under the Act may render a writ petition under Article 226 not maintainable.
The main legal point established in the judgment is that actions under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 are amena....
though existence of an alternative remedy is not an absolute bar to the maintainability of a writ petition under Article 226 of the Constitution, but a writ petition can be entertained in exceptional....
Though existence of an alternative remedy is not an absolute bar to the maintainability of a writ petition under Article 226 of the Constitution, but a writ petition can be entertained in exceptional....
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