Writ Petition No. 4461 of 2011. Case: Godavari Laxmi Co-op. Bank Ltd Vs Union of India and Anr. High Court of Bombay (India)
| Case Number | Writ Petition No. 4461 of 2011 |
| Counsel | For Petitioner: S. S. Deve, Adv. and For Respondents: B. L. Kilarikar, A. G. Talhar, Advs. |
| Judges | N. H. Patil, J. and T. V. Nalawade, J. |
| Issue | Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (54 of 2002) - Sections 13, 17, 18 |
| Citation | AIR 2012 Bom 69 |
| Judgement Date | December 09, 2011 |
| Court | High Court of Bombay (India) |
Judgment:
-
By an order dated 20-9-2011, notice for final disposal was issued. Rule. Rule is made returnable forthwith. Petition is heard finally.
-
The respondent No. 2 is borrower of petitioner Godavari Laxmi Co-operative Bank Ltd. The respondent No. 2 filed proceedings u/S. 17 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short the Act of 2002) consequent to the issuance of notice u/S. 13(4) of the said Act. By judgment and order dated 7-3-2011, the Debt Recovery Tribunal, Aurangabad dismissed the Securitisation Application No. 08/2010.
-
Respondent No. 2 preferred an Appeal under the provisions of Section 18 of the Act of 2002 before the Debts Recovery Appellate Tribunal, Mumbai. Respondent No. 2 filed application bearing No. M.A.328/11 in Appeal No. 66/11 seeking waiver of deposit as prescribed u/S. 18 (1) of the Act of 2002 on 24-3-2011. The appellant filed reply to the said application. By order dated 27-4-11 the Appellate Tribunal allowed the application filed by respondent No. 2 by observing that respondent No. 2 herein cannot be asked to deposit any more amount and no amount is required to be deposited u/S. 18(1) of the Act of 2002. The petitioner bank has questioned the correctness and legality of the said order in the present petition.
-
The learned counsel appearing for the petitioner Shri Deve submits that notice u/S. 13 (2) of the Act of 2002 was issued by the bank on 11-5-2007. A notice was issued resorting the provisions of Section 13(4) of the Act of 2002 on 26-12-2009. The notice is titled as possession notice. The relevant portion of the notice which is ascertained from the original record is reproduced hereinbelow:
Whereas,
The undersigned being the Authorised Officer of the Godavari Laxmi Co-op. Bank Ltd., Jalgaon under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Act 2002 (54 of 2002)) and in exercise of powers conferred under Section 13(12) read with Rule 9 of the Security Interest (Enforcement) Rules, 2002, issued Demand Notice dated 11-5-2007 calling upon the borrower Mohd. Shafi Mohd. Husen Humduley Prop. Maharashtra Boiler and Tubining Corporation to repay the amount mentioned in the notice being ` 45,61,459.54 + Intt. (Rupees Forty Five Lac Sixty One Thousand Four Hundred Fifty Nine and Paise Fifty Four only) within 60 days from the date of receipt of the said notice has present outstanding...
To continue reading
Request your trial