Auction purchaser sought compliance of a Section 14 SARFAESI order directing handing over possession to the bank for transfer to him. Court rejected contention that auction purchaser cannot maintain such petition, held he steps into shoes of secured creditor, sought instructions and directed affidavit.
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Court No. - 2 Case :- WRIT - C No. - 7664 of 2024 Petitioner :- Ankul Sethi Respondent :- State Of U.P. Thru. Addl. Chief Secy. Home Lko. And 7 Others Counsel for Petitioner :- Amit Chaudhary,Utkarsh Counsel for Respondent :- C.S.C.,Amal Rastogi,Brajendra Amiy,Pashu Pati Pratap Singh,Pritish Kumar
Hon'ble Rajan Roy,J. Hon'ble Om Prakash Shukla,J.
Let learned Standing Counsel seek instructions as to why the order passed under Section 14 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on 20.08.2023 has not been given effect and physical possession whereof has not been handed over to the bank, as a consequence thereof, the physical possession has not been handed over to the auction purchaser.
List this case on 15.04.2025.
The opposite party No.3 shall file his own affidavit in the matter before the next date fixed.
Sri Pritish Kumar, learned counsel for the borrower says that the auction purchaser does not have any right to maintain this petition under Article 226 of the Constitution of India for compliance of the order under Section 14 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. We do not accept this contention. Having purchased the secured assets from the bank, the petitioner can very well maintain the petition if the bank is not coming forward to maintain the petition, as ultimately it is with regard to compliance of a statutory order passed under Section 14 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the auction purchaser stepped into the shoes of the secured creditor to this extent.
( Om Prakash Shukla,J. ) (Rajan Roy,J.)
Order Date :- 4.3.2025 Saurabh
Digitally signed by :- SAURABH VERMA High Court of Judicature at Allahabad, Lucknow Bench
1 issue framed by the court
Whether an auction purchaser can maintain a writ petition under Article 226 seeking compliance of an order under Section 14 of the SARFAESI Act.
2 provisions across 2 enactments
Ankul Sethi
State Of U.P. Thru. Addl. Chief Secy. Home Lko.
Opposite Party No.3
Rajan Roy
Om Prakash Shukla
As recorded by the court registry
7 orders share this CNR
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