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ANOOP KUMAR DHAND
Bank of Baroda – Appellant
Versus
U. N. Automobiles Pvt. Ltd. – Respondent
ORDER
Matter comes up on an application submitted by the respondents under Article 226(3) of the Constitution of India for vacation of exparte stay order dated 02.06.2023.
2. With the consent of counsel for the parties, the arguments have been heard finally and this writ petition is decided by this order.
3. By way of filing this writ petition, a challenge has been led to the impugned order dated 23.05.2023 by which the misc. application No. 81/2018 submitted by the respondents has been allowed by the Debts Recovery Tribunal (for short, ‘the DRT’) and the earlier orders dated 28.01.2016 and 30.03.2016 have been modified by granting the respondents a period of twelve months to complete the repayment of the remaining amount as per the OTS/settlement.
4. Counsel for the petitioner-Bank submits that when the default was committed by the respondents, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘the SARFAESI Act, 2002’) were initiated against the respondents borrowers. In the meantime, a One Time Settlement (OTS) was arrived at between the parties and in terms of the aforesaid OTS/settlement, the S
Alternative remedy is not an absolute bar on maintainability of a writ petition under Article 226 of Constitution of India, where DRT has exceeded in exercising its jurisdiction.
The court established that compliance with statutory provisions is essential in possession proceedings under the Securitisation Act, and alternative remedies must be exhausted before seeking judicial....
The main legal point established in the judgment is the limitation on the power of the Debts Recovery Tribunal to condone delay in filing an appeal under the SARFAESI Act, as clarified by the Supreme....
Right of redemption under SARFAESI Act extinguishes on publication of auction notice; DRT cannot thereafter set aside auction and permit effective redemption, rendering such order without jurisdictio....
High Court under Article 227 can grant limited interim relief to preserve DRT subject matter without merits adjudication.
The District Magistrate can correct typographical errors in orders under the SARFAESI Act without that being a review; appeals must be filed under Section 18 if available.
Point of law: Loans by financial institutions are granted from public money generated at the taxpayer’s expense. Such loan does not become the property of the person taking the loan, but retains its ....
The jurisdiction of the civil court is excluded in matters related to the classification of loan accounts as NPA under the SARFAESI Act.
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....
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