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G. S. SANDHAWALIA, GURBIR SINGH
Gagandeep Singh – Appellant
Versus
Authorized Officer/chief Manager, Punjab & Sind Bank – Respondent
| Table of Content |
|---|
| 1. challenge to bank's possession notice (Para 1 , 2) |
| 2. petitioners' attempts to settle loan (Para 3 , 4 , 5) |
| 3. challenge to auction and sale processes (Para 6 , 7) |
| 4. possession delivered to auction purchaser (Para 8) |
| 5. multiple claimants against mortgaged property (Para 9) |
| 6. writ petitions not entertainable due to alternative remedy (Para 10) |
| 7. legal precedent on alternative remedies (Para 11 , 12 , 13) |
| 8. judicial standards for writ petition intervention (Para 14 , 15) |
| 9. petitioners can approach tribunal for merits (Para 16) |
JUDGMENT
G.S. Sandhawalia, J. - The present shall dispose of two writ petitions i.e. CWP- 18968-2020 and CWP-11293-2022, as the same have been filed by the same petitioners who are the loanees and challenging the action of the respondent-Bank under the Securitization and Re-construction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 2002 Act').
2. The challenge in the first writ petition bearing CWP-18968- 2020 is to the possession notice dated 08.10.2020 (Annexure P-1) issued under Section 13 (4) of the 2002 Act, whereby on account of loan amount of Rs.66,80,925.18 which was due on 30.09.2019, the property had b
The court established that the right of redemption under the SARFAESI Act is extinguished upon the issuance of a sale certificate, and timely challenge to bank actions is essential.
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