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SUJOY PAUL, PRANAY VERMA
Yash Impex (M/s. ) – Appellant
Versus
Authorized Officer-cum- Assistant General Manager, UCO Bank – Respondent
ORDER
1. Learned counsel for the petitioners submits that respondents 1 and 2 have initiated recovery proceedings under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act, 2002) against properties of the petitioners. In those proceedings respondents 1 and 2 have published an e-auction notice dated 26.9.2021 scheduling auction of the immovable mortgaged properties on 25.10.2021 followed by a Corrigendum on 2.10.2021. The petitioners have challenged the entire action of the respondents 1 and 2 under the provisions of the Act, 2002 by preferring a Securitisation Application under section 17 of the Act. Along with the application the petitioners have also filed an application for interim relief/stay for restraining respondents 1 and 2 from taking any further coercive steps against them including auction of the immovable mortgaged properties.
2. Learned counsel for the petitioners further submits that petitioner’s Securitisation Application and application for interim relief/stay could not be taken up and heard by Debts Recovery Tribunal because Tribunal in Madhya Pradesh at present is not functional. The pet
The court can provide temporary relief to petitioners in possession notice cases under the Act when the Debts Recovery Tribunal is not functioning due to a vacancy in the post of Presiding Officer.
The main legal point established in the judgment is that when a petitioner has an alternative remedy of statutory appeal under Section 18 of the Act of 2002, the writ petition may not be maintainable....
The guarantor's rights and the impact of non-functioning of the Debts Recovery Tribunal on the e-auction proceedings.
The court's decision was influenced by the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the need to address the non-func....
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