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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Pardeep Sharma – Appellant
Versus
State of Punjab – Respondent
| Table of Content |
|---|
| 1. challenge to statutory notices under the act. (Para 1 , 2) |
| 2. outstanding dues and petitioner’s financial management issues. (Para 3) |
| 3. availability of alternate remedy under section 17 of the act. (Para 4 , 5 , 6) |
| 4. scope of tribunal’s powers and limited jurisdiction of writ court. (Para 7 , 8) |
| 5. petition dismissed with direction to approach tribunal. (Para 9 , 10) |
JUDGMENT
Ms. Harpreet Kaur Jeewan, J.
The challenge in the present petition is to the notice dated 24.05.2021 (Annexure P-5) issued under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act'), the notice dated 16.03.2022 (Annexure P-7), issued under Section 13 (4) of the Act and the possession notice dated 29.03.2022 (Annexure P-8).
2. Learned counsel for the petitioner submits that the petitioner availed Cash Credit and Term Loan facility from respondent No. 2-Bank and mortgaged his residential house, situated in Amritsar. The account of the petitioner was wrongly declared NPA on 31.03.2021. The petitioner had suffered huge losses, and the respondent-Bank issued a notice dated 24.05.2021 (Annexure P-5) under
Court confirmed that the borrower has alternative remedies under the NPA Act despite alleging procedural irregularities by the Bank.
Recovery of debt – Action initiated by a private financial institution, is not amenable to writ jurisdiction.
A writ petition challenging actions under the Securitisation Act is not maintainable when alternative remedies are available, especially when the petitioner is not a borrower or guarantor.
The statutory scheme of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Act, 2002) does not provide for a legal remedy until the Section 13(4....
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