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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Ashok Chopra – Appellant
Versus
District Magistrate – Respondent
| Table of Content |
|---|
| 1. challenge to district magistrate's order (Para 1 , 2) |
| 2. petitioners' willingness to settle loan (Para 3 , 4 , 5 , 10) |
| 3. scope of tribunal's powers under the act (Para 11 , 12) |
| 4. legal standards for jurisdiction and process (Para 14 , 15) |
| 5. extraordinary circumstances for writ jurisdiction (Para 16 , 17) |
| 6. disposition of the writ petition (Para 18 , 19 , 20) |
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 p
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.
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