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LISA GILL, RITU TAGORE
Sudha Bansal – Appellant
Versus
Union Bank of India – Respondent
JUDGMENT
Lisa Gill, J. (Oral)
Prayer in this writ petition is for setting aside order dated 11.01.2023, Annexure P-11, passed by the District Magistrate, Sirsa, under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act') and notice dated 11.05.2023, Annexure P-15, issued pursuant thereto by respondent no.4. It is further prayed that respondents be directed to grant some time to the petitioner to arrange the amount due for settlement of loan accounts and to consider applications, Annexure P-12 and P-16, submitted by the petitioner and take a final decision thereon
2. Learned counsel for the petitioner submits that loan facility was availed of by the petitioner and her husband in June 2017. Term loan to the tune of Rs. 15,00,000/- besides a house loan for a sum of Rs. 10,00,000/- was availed of by them. A third loan facility was also availed of by them. Residential house in the name of the petitioner and shop owned by her husband were mortgaged with the respondent-Bank. Unfortunately, petitioner's husband is stated to have suffered a Paralysis attack in the year 2020 and he ultimately passed awa
Judicial restraint is required under Article 226 when alternative statutory remedies are available, especially in financial recovery matters.
SARFAESI Act provides a comprehensive mechanism for borrowers to address grievances, and High Courts should exercise restraint in intervention unless extraordinary circumstances arise.
The High Court should not interfere with SARFAESI Act proceedings when effective statutory remedies are available, emphasizing the importance of adhering to legislative intent.
The High Court lacks jurisdiction to intervene in proceedings under the SARFAESI Act, reinforcing the necessity for adherence to the statutory remedy framework prior to court interference.
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