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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Kapoor Mala Jain – Appellant
Versus
Aditya Birla Finance Limited – Respondent
JUDGMENT
G.S.Sandhawalia, J. (Oral) - The challenge in the petition is to the securitisation proceedings wherein while issuing notice dated 16.06.2021 (Annexure P-3) under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (for short 'the Act') a demand of Rs.3,93,39,611.40/- was made.
2. The possession of the mortgaged property thereafter was taken on 14.10.2022 which is the subject matter of challenge including the public auction which was to be held.
3. Keeping in view the above, we are of the considered opinion that it is not for the Writ Court to exercise its extra-ordinary writ jurisdiction under Articles 226/227 of the Constitution of India, in view of the huge outstanding as the bank is only seeking to recover the same, especially keeping in view the law laid down in United Bank of India v. Satyawati Tondon and others , (2010) 8 SCC 110 . The principles laid down in the said case were also arising out of the proceedings of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act') and resultantly discussing the law in det
The main legal principle established in the judgment is that when an alternative remedy is available to the petitioner under the Securitization Act, the High Court should normally not interfere in th....
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