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UJJAL BHUYAN, P. MADHAVI DEVI
S. V. Developers – Appellant
Versus
State Bank of India, Hoskote SME Rep. By its Branch Manager, Bangalore – Respondent
JUDGMENT :
Ujjal Bhuyan, J.
This order will dispose of W.P.Nos.23067 of 2019, 27138 of 2019 and 22195 of 2021.
1. We have heard Sri M. Laxmi Prasad, learned counsel appearing on behalf of Smt. Ch. Vedavathi, learned counsel for the petitioner and Sri Maruthi Jadhav, learned counsel appearing for Pearl Law Associates for the respondents.
2. In W.P.No.23067 of 2019 the prayer made is to set-aside the notice dated 08.01.2018 issued by the respondent State Bank of India (SBI) under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (briefly, ‘the SARFAESI Act’ hereinafter). Petitioner in W.P.No.27138 of 2019 has sought for quashing of letter dated 22.11.2019 issued by the respondent/SBI stating that petitioner is not entitled to the benefit of one time settlement (OTS) scheme and further seeks a direction to the respondent/SBI to grant the benefit of OTS scheme to the petitioner in terms of the Circular of SBI dated 13.08.2019.
3. In the later Writ Petition i.e., W.P.No.22195 of 2021 the prayer made is for a declaration that respondent No.1 i.e., Debts Recovery Tribunal-I, Hyderabad would not have the jurisdiction to en
1. At the stage of issuance of notice under Section 13(2) of the SARFAESI Act, no interference is called for by the Court. 2. No borrower can as a matter of right pray for grant of benefit of OTS sch....
The court emphasized the legislative intent to minimize judicial intervention until the stage of Section 14 of the SARFAESI Act and highlighted the availability of statutory remedies under the Act, h....
A proceeding initiated under SARFAESI Act and/or any proposed action is to be taken and borrower is aggrieved by any of actions of bank, borrower has to avail remedy under SARFAESI Act and no writ pe....
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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