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LISA GILL, RITU TAGORE
Vikram Malhotra – Appellant
Versus
State of Punjab – Respondent
| Table of Content |
|---|
| 1. petitioner's loan account declared npa (Para 1 , 3) |
| 2. arguments for and against petitioner's claim (Para 4 , 5 , 6 , 8) |
| 3. court's consideration of alternative remedies (Para 10 , 11 , 12 , 13 , 15) |
| 4. judgments on application of article 226 (Para 14 , 16) |
| 5. petition dismissed, liberty to seek remedies (Para 17) |
JUDGMENT
Mrs. Lisa Gill, J. (Oral)
Challenge in this writ petition is to declaration of loan account of the petitioner as Non Performing Asset (NPA), besides notice dated 31.07.2019, under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act') as well as notice dated 05.02.2020, Annexure P-2 and notice dated 04.08.2022, Annexure P-4 and further proceedings taken under the SARFAESI Act pursuant thereto by the respondent-Financial Institution against the petitioner.
2. We heard learned counsel for the parties and went through the file as well as the documents presented in Court.
3. It is submitted that petitioner availed housing loan facility to the tune of Rs. 2,26,37,831/- on 08.05.2018, however due to some temporary deficiency in the account, it was declared NPA on
The classification of a borrower's account as NPA under the SARFAESI Act is not justiciable in writ jurisdiction until measures under section 13(4) are invoked, necessitating the exhaustion of statut....
Judicial restraint is required under Article 226 when alternative statutory remedies are available, especially in financial recovery matters.
(1) Writ petitions filed against proposed action under Section 13(4) of SARFAESI Act is not maintainable and/or entertainable at all.(2) Recovery of debt – High Court should have been extremely caref....
Writ petitions under Article 226 not maintainable against private scheduled banks' SARFAESI actions; borrowers must exhaust Section 17 remedy before Debts Recovery Tribunal; High Courts cannot direct....
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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