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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Devender Yadav – Appellant
Versus
Punjab National Bank – Respondent
JUDGMENT
G.S. Sandhawalia, J. (Oral) - The challenge herein is to the securitisation proceedings initiated including the notice dated 02.09.2021 (Annexure P-2) issued under Section 13 (4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act') wherein a sum of Rs. 86,19,540/- is being claimed and the subsequent proceedings whereby physical possession is sought to be taken by resorting to the provisions of Section 14 of the Act.
2. As per the averments made in the writ petition, the loan was taken in the year 2014 of a house No. 1009/31, Laxman Vihar, Phase 2, Near Shani Mandir, Gurgaon-122001 (Haryana), measuring 122 square yards.
3. The respondent has placed on record a copy of the sale deed executed by the petitioners on 19.08.2017 wherein the said house has been sold.
4. In our considered opinion, the petitioners locus standi as such, to challenge the securitisation proceedings after having executed a sale deed and having averred that they are in physical possession of the property would go on to show that the writ petition has been filed by concealing the facts. The matter has been pending since 07.10.2022
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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