ì 1 ITEM NO.15 COURT NO.11 SECTION XI S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS Petition(s) for Special Leave to Appeal (Civil)....../2010 (CC 4117/2010)

(From the judgement and order dated 28/10/2009 in CMWP No.

55375/2009 of The HIGH COURT OF JUDICATURE AT ALLAHABAD)

UNITED BANK OF INDIA Petitioner(s)

VERSUS SATYAWATI TONDON & ORS. Respondent(s)

With I.A.1 (C/delay in filing SLP and office report)

Date: 26/03/2010 This Petition was called on for hearing today.

CORAM :

HON’BLE MR. JUSTICE G.S. SINGHVI HON’BLE MR. JUSTICE ASOK KUMAR GANGULY For Petitioner(s) Mr.Dhruv Mehta, Sr.Adv.

Mr.Yashraj Singh Deora,Adv.

Mr.Sarv Mittar, Adv.

Mrs.Yashodhara Anand, Adv.

Mr.T.S.Sabasish, Adv.

For M/S Mitter & Mitter Co.,Adv.

For Respondent(s)

UPON hearing counsel the Court made the following O R D E R Delay condoned.

This is yet another case in which High Court has interfered with the process initiated by the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ignoring that the writ petitioner-respondent No.1 has other equally efficacious alternative remedy. While dealing with petitions filed for quashing the action taken under the 2002 Act, the High Courts are expected

2 to keep in mind that extremely stringent provisions have been incorporated in the 2002 Act with a view to ensure that public dues including debts due to banks and financial institutions are recovered without frequent judicial interventions.

Issue notice returnable in twelve weeks.

Issue notice on the petitioner’s prayer for interim relief.

Although, as on date, a period of almost five months has elapsed from the date of impugned order, keeping in view the facts of the case, we deem it proper to stay the operation thereof.

Ordered accordingly.

Dasti, in addition, is permitted.

It shall be the duty of the petitioner to serve the respondents failing which the interim order passed today shall stand automatically vacated.

( Satish K.Yadav ) ( Phoolan Wati Arora )

Court Master Court Master