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LISA GILL, RITU TAGORE
Ashok Kumar Dhawan – Appellant
Versus
State of Punjab – Respondent
JUDGMENT
Mrs. Lisa Gill, J. (Oral)
Prayer in this writ petition is for setting aside order dated 21.07.2023, Annexure P-6, under section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act'), passed by respondent no.3, whereby possession was ordered to be taken on 08.08.2023.
2. It is pleaded that petitioner was running a proprietorship concern in the name of M/s Anand Filling Station. Financial facilities were availed of by the said concern through its proprietor i.e., the petitioner, from the respondent-State Bank of India (SBI), from time to time, for a total sum of Rs. 20,00,000/-. It is to be noted that no details or dates when this facility was availed have been given in the writ petition. It is further stated that installments were paid from 2011 to 2019, but thereafter, there was default on the part of the petitioner. Three properties as are detailed in para 3 of the writ petition are stated to be mortgaged with the respondent-Bank. Franchise agreement of M/s Anand Filling Station, was terminated on 23.03.2023 by one Nayara Energy Limited. There are again no details in the writ petition as to
The SARFAESI Act provides a specific framework for securitization and enforcement of security interest, and parties must adhere to its provisions. The jurisdiction of the Debts Recovery Tribunal and ....
The main legal point established in the judgment is the proper application of Section 14 of the SARFAESI Act, including the requirements for the application, consideration of borrower's representatio....
Point of law : As per the settled law, duty of Chief Metropolitan Magistrate (CMM)/District Magistrate (DM) under Section 14 of the SARFAESI Act is only to ascertain whether the secured assets fall w....
Duty of Magistrate under Section 14 of SARFAESI Act is only to ascertain whether secured assets fall within his jurisdiction and to verify from bank or financial institutions whether notice under Sec....
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.
The main legal point established in the judgment is that when an alternative efficacious remedy is available under the SARFAESI Act, the High Court should not entertain a writ petition and must insis....
The SARFAESI Act provides an efficacious remedy for redressal, and interference by writ courts is not warranted in the absence of extraordinary or exceptional grounds.
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