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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Pardeep Sharma – Appellant
Versus
State of Punjab – Respondent
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 Section 13 (2) of the Act in violation of the notification dated 05.05.2021 (Annexure P-6) having resolution framework 2.0. The classification of the account of the petitioner as NPA was against the Master Circular-Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to advances dated 02.07.2023. Hence, the petitioner sought quashing of the demand
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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