Writ petition challenging property auction proceedings under the SARFAESI Act. Court held the petitioner has remedies under Section 17 of the Act or can negotiate with the bank to dissolve liability. Petition disposed without adjudicating merits.
The writ petition stands disposed as the petitioner has alternative remedies available.
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Court No. - 40
Case :- WRIT - C No. - 19025 of 2018
Petitioner :- Pravin
Respondent :- Allahabad Bank Branch Belanganj And 2 Others Counsel for Petitioner :- Krishna Chandra Pushkar Counsel for Respondent :- Pashupati Nath Tripathi
Hon'ble Amreshwar Pratap Sahi,J. Hon'ble Shashi Kant,J.
Heard learned counsel for the petitioner and Sri P. N. Tripathi, learned counsel for the respondent bank.
The proceedings have been undertaken under the SARFAESI Act, 2002 for auctioning the property of the petitioner who stood as guarantor to a loan taken by the respondent no.3. The property of the petitioner is also mortgaged with the same transaction.
Having heard learned counsel for the petitioner and Sri Tripathi for the respondent bank we are of the considered opinion that the petitioner has a remedy of filing an application under Section 17 of the 2002 Act or even otherwise approach the respondent no.2 bank for negotiations in order to dissolve the outstanding liability in accordance with law. It will be open to the bank to consider the same and do the needful. The writ petition stands disposed of.
Order Date :- 25.5.2018 R./
2 issues framed by the court
Whether the petitioner has an alternative remedy regarding auction proceedings under the SARFAESI Act.
Whether the petitioner may approach the bank to negotiate dissolution of liability.
2 provisions across 1 enactments
Pravin
Allahabad Bank Branch Belanganj
2 Others
Amreshwar Pratap Sahi
Shashi Kant
As recorded by the court registry
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