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VIKRAM D. CHAUHAN
Vinod Kumar – Appellant
Versus
State of U. P. – Respondent
JUDGMENT :
Vikram D. Chauhan, J.
1. Heard learned counsel for the applicants and learned AGA for the State.
1-A. No one has appeared on behalf of opposite party no. 2. Previously on 05.03.2024, the opposite party no. 2 was proceeded ex-parte.
2. This application under Section 482 Cr.P.C. has been filed by the applicants for quashing the entire proceedings including the summoning order dated 09.08.2018 passed by Additional Chief Judicial Magistrate, IXth, Varanasi in Complaint Case No. 1865 of 2018 (Mohd. Akhlaq Khan vs. Vinod Kumar) under Sections 417, 504, 506 IPC, P.S. Cantt, District Varanasi.
3. It is submitted by learned counsel for the applicant that applicant is Branch Manager of Allahabad Bank. The proceedings against borrower was issued under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI Act') by the Bank and thereafter the symbolic possession of property in question was taken on 30.07.2012. It is further submitted that thereafter the property in question was put to auction in terms of Section 13(4) of SARFAESI Act and date of auction was fixed as 30.04.2016.
4. Learned counsel for the applicant submits
Bank officers are protected from criminal liability for actions taken in good faith under the SARFAESI Act, specifically under Section 32, which applies to statutory actions related to the enforcemen....
A secured creditor loses its rights under the SARFAESI Act upon the auction of mortgaged property, precluding further claims for possession under the same Act.
The main legal point established in the judgment is that criminal proceedings can be quashed under section 482 of the code when the complaint does not disclose a prima facie cognizable offence or whe....
A secured creditor retains rights over a property until actual possession is transferred, despite a sale certificate being issued to an auction buyer, as affirmed by the court.
The bank retains the right to recover debts through mortgaged properties even if the borrower sells the property to a third party, as established under the SARFAESI Act, 2002.
Secured creditors must fully deliver the auctioned property and disclose material defects; failure to do so incurs liability for damages, including refunds with interest.
The main legal point established in the judgment is that any person affected by the action taken under Section 13(4) or Section 14 of the SARFAESI Act, 2002, including third parties such as guarantor....
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