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Review Application No. 5 of 2005. Case: Pandurang Vs State Bank of Hyderabad and Anr.. Nagpur Debt Recovery Tribunals

Judgment Cited in Precedent Map Related
Case NumberReview Application No. 5 of 2005
CounselFor Appellant: A.N. Dharkar, Adv. and For Respondents: M.R. Joharapurkar, Adv. for Respondent No. 1
JudgesK.J. Paratwar, Presiding Officer
IssueSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Section 13(2) and 13(4)
CitationI (2006) BC 59
Judgement DateFriday September 02, 2005
CourtNagpur Debt Recovery Tribunals

Judgment:

K.J. Paratwar, Presiding Officer

  1. Being aggrieved by the dismissal of S. A. No. 1/2005, the applicant has filed this application for review of the judgment passed by this Tribunal on 6th May, 2005.

  2. The Securitisation application (Appeal) was directed against respondent Nos. 1/2's taking symbolic possession under Section 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SRFAESI Act) of Plot No. 9 M.H. 3388 Mouza Khamla, Nagpur. In the S.A., the applicant had challenged creation of equitable mortgage by contending that he had not given power of attorney in favour of his son who had allegedly deposited title deeds on the strength of purported power of attorney, and thus created equitable mortgage. The power of attorney was by way of caution revoked by letter dated 27.3.2002. The receipt of notice under Section 13(2) of SRFAESI Act was also denied. The power, in any case, at best empowered the applicant's son to stand as guarantor but did not cover the power to create mortgage. The other ground in the S.A. was that the memorandum of equitable mortgage required registration. The document required registration since on the same date (21.5.2002) the mortgagor had given a letter to the Bank confirming creation of mortgage.

  3. This Tribunal, by the impugned judgment, while disallowing the S.A. held that the appellant was having...

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