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ARVIND SAXENA AND ANOTHER versus THE CANARA BANK & OTHERS

High Court of Judicature at Allahabad

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Arvind Saxena And Another v. The Canara Bank & Others - WRIT - C No. 57195 of 2006 [2006] RD-AH 17669 (13 October 2006)

 

This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).

HIGH COURT OF JUDICATURE OF ALLAHABAD

Hon.R.P.Misra, J.

Hon.Shishir Kumar, J.

We have heard learned counsel for the petitioners Sri Ajay Rajendra and Sri V.P.Singh, Advocate, holding brief of Sri Tarun Varma, learned Counsel for the respondents.

A notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has been given to the petitioners.  The petitioners filed an objection under Section 13(A-3) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The same has been decided against the petitioners and now a notice under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has been issued for auctioning the property of the petitioners. The only remedy to the petitioners is to file an appeal under Section 17 of the Securitization Act, 2002. As such, without entering into the merits of the present case, we disposed of the present writ petition giving a liberty to the petitioners to file an appeal.  If the petitioners file an appeal within a period of three weeks the appellate authority shall decide within a period of three weeks thereafter.

It is also made clear that the objection and grounds raised in the appeal regarding Rule 8 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 be also considered by the appellate authority.  The appellate authority will pass a detailed and reasoned order according to law within the aforementioned period.  

Till the decision of the appeal filed by the petitioners the property of the petitioners be not auctioned.  It is, however, open to the respondents to auction the property of the petitioners in the event of the dismissal of the appeal of the petitioners.  

With these observations the writ petition is disposed of.

There shall be no order as to costs.

13.10.2006

SKD/57195/2006


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Reproduced in accordance with s52(q) of the Copyright Act 1957 (India) from judis.nic.in, indiacode.nic.in and other Indian High Court Websites

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