LPA No.942 of 2011

Page 1 of 12

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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LPA No.942 of 2011

Reserved on: March 05, 2012

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Pronounced on: April 20, 2012

SOMNATH MANOCHA

. . . APPELLANT

Through:

Mr.

A.S.

Chandhiok,

Sr.

Advocate (Amicus Curie) Mr.

Ritesh Kumar, Mr. Sidharth

Tyagi, Mr. Sumit Goyal, Ms.

Shweta

Gupta,

Mr.

Vikas

Mehta and Mr. Piyush Sanghi,

Advocates.

VERSUS

PUNJAB AND SINDH BANK & ANR.

. . .RESPONDENTS

Through:

Mr. Rajinder Walia, Advocate

for respondent No.1.

Mr. Jagat Arora, Advocate for

respondent No.4.

CORAM :-

HON’BLE THE ACTING CHIEF JUSTICE

HON’BLE MR. JUSTICE RAJIV SAHAI ENDLAW

A.K. SIKRI (ACTING CHIEF JUSTICE)

1.

This appeal poses a very interesting, and at the same time, an

important question of law pertaining to the interpretation which

is to be accorded to Section 36 of the Securitization and

Reconstruction of Financial Assets and Enforcement of Security

Act, 2002 (hereinafter referred to as „SARFAESI Act‟). This

provision makes the following reading:

“36. Limitation

No secured creditor shall be entitled to take all or any of

the measures under sub-sect