Petitioner lacks legal standing to challenge SARFAESI proceedings, being neither property owner nor loan guarantor.

JUDGMENT

It is aggrieved by the coercive action taken by the 1^st respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the ‘SARFAESI Act’ for short), this writ petition has been preferred by the petitioner.

2. The petitioner claims to be the original owner of the secured asset, which was mortgaged to the respondent bank, by the 2^nd respondent while availing a loan.

3. The learned counsel for the petitioner submits that the property has now been put to sale and the second respondent is not at all interested to protect the property, which is his family property. According to him, it is for saving his family property, this writ petition has been filed.

4. Per contra, the learned counsel for the 1^st respondent submitted that the petitioner has no locus to file this writ petition since, he is neither the owner of the property nor the guarantor in the loan transaction.

On an anxious consideration of the rival submissions and the materials on record, I find considerable force in the submissions made by the learned counsel for the 1^st respondent. Admittedly, the petitioner is neither the owner of the property nor a guarantor in the loan transactions. His only case is that he had sold the property to the second respondent for availing a loan and that the second respondent is now taking an indifferent attitude and is not interested in protecting the property. I am afraid the said reason will not confer any legal right on the petitioner to challenge the SARFAESI proceedings initiated by the 1^st respondent.

Ergo, I find no merit in this writ petition and the same is accordingly dismissed.

Sd/-