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SUPREME COURT OF INDIA
B.N. Agrawal, G.S. Singhvi, Balbir Singh Chauhan, JJ.
Punjab National Bank and another - Appellants
Versus
Imperial Gift House and others - Respondents
Civil Appeal No. 3563 of 2009 Arising out of SLP(C) No. 8766 of 2008
Decided On : 14-05-2009
Constitution of India, 1950, Article 226 - Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Sections 13(2), (3-A) and (4) - Writ jurisdiction of the High Court- High Court quashed notice issued by the bank under Section 13(2) of the Act- Not proper- Though the respondents filed representation under Section 13(3)(A) which was rejected, instead of taking further action under Section 13(4) the writ petition filed before the High Court - High Court held not justified in entertaining the writ petition and quashing the proceedings initiated by the bank- Order of the High Court set aside.[Paras 3,4 and 5]
ORDER :
1. Leave granted. Heard learned Counsel for the parties.
2. By the impugned order, in effect and substance, the High Court has quashed notice issued by the bank under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, [for short, "the Act"].
3. Upon receipt of notice, respondents filed representation under Section 13(3)(A) of the Act, which was rejected. Thereafter, before any further action could be taken under Section 13(4) of the Act by the Bank, the writ petition was filed before the High Court.
4. In our view, the High Court was not justified in entertaining the writ petition against the notice issued under Section 13(2) of the Act and quashing the proceedings initiated by the bank.
5. Accordingly, the appeal is allowed, impugned order passed by the High Court is set aside and the writ petition filed before it is dismissed.
Appeal allowed.
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