Back
G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Ashok Chopra – Appellant
Versus
District Magistrate – Respondent
JUDGMENT
Ms. Harpreet Kaur Jeewan, J.
The present writ petition has been filed under Article 226 of the Constitution of India seeking quashing of the order dated 30.06.2022 (Annexure P-4) passed by the District Magistrate, Panipat, under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act') and to the E-auction sale notice dated 21.07.2022 (Annexure P-5).
2. Learned counsel for the petitioners has submitted that the petitioners had availed a loan facility from respondent No. 4 to the tune of Rs. 71,46,566/- and mortgaged their sole residential house. The petitioners were regular in payment of the loan installment from the year 2015 to October 2020 but suffered heavy losses due to the COVID-19 pandemic, as such, was unable to pay the due installment. The account of the petitioners was declared as a Non-Performing Asset on 24.03.2021 and a demand notice under Section 13 (2) of the Act was issued on 08.06.2021. Petitioners submitted their reply to the said demand notice on 06.07.2021 but without considering the said reply, respondent No. 4-financial institution issued a notice dated 21.03.2022 unde
The right of redemption under the Securitisation Act ceases upon auction notice publication, but the Debt Recovery Tribunal can still adjudicate borrower grievances.
A secured creditor retains the right to seek possession of secured assets even after issuing a sale certificate without physical possession, and the relevant authority acts ministerially under Sectio....
Remedy of appeal under Section 17(1) of the SARFAESI Act is not available to secured creditors against District Magistrate orders but only to aggrieved parties.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
