Allowed

Mrs Rathna v. Can Fin Homes Limited

DRT9 Nov 2023SA/121/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal held that a Securitisation Application under S. 17(1) of the SARFAESI Act is maintainable before physical dispossession. The Tribunal set aside a possession notice for being defective under R. 8(1) and 8(2) of the 2002 Rules, as mandatory personal delivery and affixation were not completed alongside publication.

What did the court decide?

The Securitisation Application was allowed; the measures taken by the defendant under S. 13(4) were declared invalid and set aside; directed to restore possession; costs reversed.

Mrs Rathna versus Can Fin Homes Limited — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBLTNAL^{- 1, KARNATAKA} AT BENGALURU

¶2

PRESENT: SRI IMTI AZ ALT PRESIDING OFFICER

¶3

Dated the 09th day of November,2OZ3

¶4

SECURITISATION APPLICATION^{NO. 121OF 2022}

¶5

Between

¶6

1.^, Rathna, W/o Harinath G, 34, Machohalli, Dasanpura Hobli, Bangalore North, Kamataka - 562123. 2. Harinath G, S/o Gopal, 34, Machohalli, Dasanpura Hobli, Bangalore North, Karnataka -562123. And ' The authorised officer, Can Fin Homes Ltd, Electronic City Branch, 445, Ground Floor, Near Shreya Hospital, 4th Main, 5th Cross, Kegeri Satellite Town, Bangalore, Karnataka - 560060.

¶7

...Applicants

¶8

...... Defendant

¶9

This Securitisation Application^{having beenheardon 02.02.2023in the presence} of Advocates IWs Shashidhara^{R andB M Adandeswarafor the applicants,and Advocate}

¶10

Shri D Narayana Swamy^{for the defendant, and stood over to this day for consideration,} the Tribunal delivered the^following:-

¶11

FINAL ORDER

¶12

¶13

The applicants filed the above^{SecuritisationApplication (SA) on 11.03.2022}

¶14

under 5.17(1) of the Securitisation^{and Reconstruction of FinancialAssetsand}

¶15

sAt2t/2022

¶16

Enforcement of Security Interest Act,^{2002as amended from time to time} -^hereinafter referred to as 'the Act' -^praying to set^{aside the order dated 08.03.2022passed by the} Chief Judicial Magistrate, Bengaluru^{Rural District, Bengaluru in Crl MiscNo.26912021.} The applicants are none other than the^{borrowers of financial assistancesin the form of} housing loan of 140 lakhs and^{personalloan of t9.75lakhs availedfrom M/s CanFin} Homes Limited.

¶17

The case set out by the applicants in the^SA in^{brief is as follows:-The} applicants availed in the^{year 2016-2017a housing loanof t40 lakhs anda personal loan} of {9.75 lakhs from M/s Can Fin^{HomesLimited. The applicantswere promptand} regular in repayments. The applicants^{depositedmore than {40 lakhs towards the loan} accounts with up+o-date^interest but^{the defendant withoutdeductingthe repayments} issued a demand notice under S.l3(2) of^{the Act and possessionnotice under S.l3(a)of} the Act. However, the demand^{notice was not served and the possession notice was not} served/affixed in the^{property and was not publishedin two newspapers.The date of} classification of the account as^{non-performingasset was not mentioned in the demand} noiice. The defendant has claimed^{exorbitant and excessinterest.The CJM Court failed} to verify the documents before^{passingthe ex-parte order against the applicants. The} defendant has not filed a^{properaffidavit before the CJM Court. The orderpassed by the} CJM Court is not as^per law. On^{the abovecontentions, the applicants prayed to setaside} the order passed by the CJM^Court.

¶18

¶19

The defendant filed a statement of^{objection contending as follows:-} When the applicants defaulted^{the repayments in the housing loan and the personal loan,} the accounts were classified^{as non-performingassets on 31.10.2019 and thereafterthe} demand notice was issued^on 07.ll.20lg,^{whichwas personally acknowledged by the} applicants. As the applicants did^{not comply with the demandunder the said notice,a} possession notice dated 11.02.2021was issued,^{which was published in two newspapers} 17.02.2021. On the above statements,^{the defendant prayedfor dismissalof the SA.} .:T:a

¶20

sA 12v2022

¶21

The applicants produced two documents along with the SA. For convenience, they are referred to as Annexures A1 and A2. Similarly, the defendant produced sixteen documents along with the statement of objection, which are for convenience referred to as Annexures Bl to B16.

¶22

On the appreciation of the rival contentions, the only issue arises for consideration is as to whether the applicants are entitled to the relief prayed for?

¶23

¶24

This Tribunal would like to make a passive remark that Can Fin Homes Limited to which the defendant authorised officer belongs and who obtained Annexure A1 order on its behall should have been made a party in the cause title to the SA. The right to sue accrues under S.17(1) of the Act to any person (including borrower) if he is aggrieved by any of the measures referred to in sub-section (a) of S.13 of the Act taken by the secured creditor or his authorised officer under the Act. The secured creditor is a creditor holding security the realisation of which would satisfy his claim. S.l3(12) of the Act says that the right of the secured creditor can be exercised by one or more of his officers authorised in the manner as may be prescribed. 'Authorised officer' under R.2(a) is an officer of the secured creditor who is competent to exercise the rights of the secured creditor and also right of the creditor secured under the Act and to exercise power in respect of and also any other right of the secured creditor conferred under the Act. In the instant case, the secured creditor being a housing finance company, it can only be represented by its principal officer. On the showing of the applicants itself, they are aggrieved by Annexure Al action taken by the authorised officer on behalf of the said housing finance company, who does not have an independent status without the existence of the secured creditor. Therefore, in the opinion of the Tribunal, the secured creditor also should have been made a party in the cause title along with the authorised officer. For easy reference, Can Fin Homes Limited is termed as 'the defendant company'.

¶25

The issue:- At the time of advancing arguments, Ld counsel for the defendant company relying on the decision in Noble Kumar's case decided by the

¶26

sA t2U2022

¶27

Hon'ble Supreme Court vehemently contended that the^right to^{approachthis Tribunal} under S.17 of the Act accrues only after losing^{possession of the secured asset. He also} relied in the decision of NCML Industries v Debts Recovery^{Tribunal laid down by the} Hon'ble Allahabad High Court to^prove that an application^{under S.17(1) of the Act is} maintainable only when actual or^{physicalpossession} of the secured^{assetis taken by the} secured creditor or his authorised officer.

¶28

It may be noted that the question came up for discussion before^the Hon'ble Supreme Court in Standard Chartered^Bank v^{V Noble Kumar} [reported^{in 20] 3} Gt KLT⁵³¹ 6Ct:^{(2013.) 9 SCC 620Jwas the right upon the borrower to preferan} application under S.17(l) of the Act aggrieved^{by the action taken by the securedcreditor} under sub-section (3A) of S.13 of the Act and it^{was held that the reasonsindicated for} rejection of objection of borrower or likely action^{of securedcreditorshall not conferany} right under S.17. It was also held that appeal^under S.l7^{is availableto the bonower only}

¶29

after losing^possession of the^{property. The relevantportionreads as below:-}

¶30

"The appeal under S. 17 is wqilable to the boruower againsl^qny measure taken under S. l3(4). Taking possession of the secured^qsset is^{only one} of^{the measuresthat can be taken by thesecured} creditor. Depending upon the nature of^{the secured assetand the termsand conditionsof the security} agreement, measures other thqn taking the^possession ofthe^{securedassetarepossible underS.l3(4).} Alienating the asset either by lease or sale^{etc and appointinga personlo manage the secured asset are} some of those possible measures. On the other^{hand,S. 14 authorizes the Magistrateonly to take} possession of the property and forward the asset along with^{the connected documenls to the boruower.} Therefore, the borrower is always entitled^{to prefer an appeal under S.l7 after the possession of the} secured asset is handed over to the^{securedcreditor.5.1} 3G)@^{declaresthat the securedcreditor may take} possession ofthe secured assets. It does not specify^{whether sucha possession is to be obtained directlyby} the secured creditor or by resorting to the^{procedureunderS. I} 4.^{IAe are of the opinion that by whatever} menner the secured creditor obtains^{possessioneither throughthe process contemplated underS. I 4 or} without resorting to such^{q process} obtaining of^{the possessionof a securedqssetis alwaysa meqsure} againstwhicharemedyunderS. 17. ItcanbenoticedfromthelanguageoftheprovisotoS. l3(3A)andthe language of S.l7 that an appeal under^{S. l7 is available to the borroweronly after losingpossession of the} secured asset. The employment of the^{words'aggrievedby ..... taken by the secured creditor' in S. l7(l)} clearly indicates the appeal under^S. l7 is^{availqble to the borrower only afterlosingpossessionof the} property. To set at naught any doubt regarding the interpretation ofS.l7,^{the proviso to sub-section(3A) of} S.l3 mqkes it explicitly clear thqt either lhe^{reqsons indicated} for^{rejectionof the obiectionsof the} borrower or the likely action ofthe secured^{creditor shall not confer anyrightunder5.17."}

¶31

It may also be noted that the word used by the Hon'ble Supreme^{Court in}

¶32

¶33

Noble Kumar's case is only 'possession' and not^{'actualpossession'or 'physical} possession'. A conjoint reading of sub-section⁽⁴⁾ of S.l3 of the Act r/w sub-rules^{(1) to} Q)^{underR.8 of the Security Interest(Enforcement) Rules, 2002(as amended from time}

¶34

sA t2v2022

¶35

¶36

to time) - for short 'the Rules' - reveals that a right to approach the Tribunal under subseqtion (l) of S.l7 of the Act accrues to any aggrieved person at the moment when the right of possession is lost by operation of law, whether symbolic or actual or physical. The Hon'ble High Court of Kerala taking a reference to the Noble Kumar's case in Roshan Nara:tanan v Central Bank of India [reported in 20]7 (4.) KLT ll72l has clarified that the reference by the Supreme Court in Noble Kumar (2013 (4) KLT 531 (SC) to the right under S.l7 being available to a borrower'only after dispossession'must be seen as a reference to the right being available to a borrower after losing any right that constitutes an integral part of the right to possession. It was held therein that an application preferred by any person (including the borrower) against any step taken by the secured creditor that is designed to deprive the said person of any constituent of the property right envisaged in S.l3(4)(a), would be maintainable before the DRT under S.17 of the SARFAESI Act, and it reads so:-

¶37

"The reference by the Supreme Court in Noble Kumar (20 I 3 (4) KLT 5 3 I (SC) to the right under S.l7 being ovailable lo^q borrower^'only after dispossession' must be seen as a reference to the right being availqble to a borrower after losing any right that constitutes an integral part of the right to possession. As already noted, the measure envisaged in S. l3@)(a) of the SARFAESI Act is one of taking possession 'including the right to transfer by way of lease, assignment or sale for realising the secured asset'. The possessory right eniisaged under S.l3@)(a) takes within its ambit the incidental right to transfer the property also. Thus, even going by the decision in Noble Kumar (supra), I would think thqt an application preferred by any person (including the borrower)^qgainst any step taken by the secured creditor that is designed to deprive the said person of any constituent of the proprietary right envisaged in S. 13ft)(a), wo4ld be maintainable before the DRT under S.l7 of the SARFAESI Act."

¶38

Distinguishing the Noble Kumar's case and reversing the NCML Industries' case, the Hon'ble Supreme Court in Hindon Forge (P) Ltd v State o_f UP freported in^(2019.) 2 SCC 198J has categorically held that once possession is taken under Rr.8(1) and 8(2) r/w S.13(4XA), S.l7 gets attracted, as this is one of the measures referred to in S.l3(4) that has been taken by secured creditor under Ch.lII and that the borrower/debtor can approach Debts Recovery Tribunal under S.17 of the Act at the stage of possession notice under Rr.8(1) and 8(2). The relevant portions read as below:-

¶39

, "On measures having been taken under S.l3(4) and before the date of sale/auction of the property, it would open for the borrower to file An appeal (petition) under S. l7 of the Act before the Debts Recovery Tribunal

¶40

Mardia Chemicals Ltd v Union of India, (2004) 4 SCC 3 I I , relied on

¶41

sA 12U2022

¶42

¶43

Ganga Bai v Vijaya Kumar,⁽¹⁹⁷⁴⁾ 2 SCC 393, cited

¶44

A reading of S. I 3 would make it clear that^where a deJault in^{repayment of a secured debt or any} instalment thereof is made by a boruower, the secured creditor^{mayrequire the borrower, by notice in} writing, to discharge in full his liabilities^to the^{securedcreditor within60days} from^{the dateof nolice. It} is only when the boruower fails to do^{so thatthe securedcreditormay have recourselo the previsions} coitained in 5.13(4) of the Act. S.t3(3-A) was inserted^{by the 2004 AmendmentAct, making it clear that if} on receipt of notice under S. l3(2), the botower^{makes a representation or raises anobjection,thesecured} creditor is to consider such representatlon or objection and^{give reosons} for^{non-acceptance.Theproviso} to S.1j(3-A) mqkes it clear that this would not confer upon the borrower ony right^{to preferanapplication} to eth Debts Recovery Tribunal under S. l7^qs at this stage no action^hasyetbeen tctken^{underS. I 3(4).}

¶45

Mardia Chemicals Ltd v Union of^{India, (2004)} 4^SCC31 I,^{relied on}

¶46

Comingto S. l3(4)(a), what is clear is lhat the mode of taking^{possessionof the securedassels} of the borrower is specified by R 8 Under 5.38^{of theAct, the Centrql Governmenlmay make rules to carry} out the provisions of the Act. One such^{rules is} R.8. R.8(l)^makes it^{clearthat 'theauthorised} fficer^shall take or cause to be tqken^{possession'.The} expression^{cause to be teken' only meansthat the authorised} officer need not himself take^possession, but^may, for^{exantple,qppointan agent Io do} so.^Whatis important is that such taking possession is^effected under R.8(l)^{by deliveringa pctssessionnotice prepared} in accordance with Appendix lV of^{the 2002 Rules,and aby} ffixing^{suchnoticeonthe outer dooror other} conspicuous place of the property concerned.^{Undersub-rule (2), suchnotice shall also be published} within 7 days from the date of such taking of^{possessionin two leadingnewspopers, onein thevernacular} language having sfficient circulation^{in the locality.Thisis} for^{the reesonthqt when we come to Appendix} IV, the borrower in particular, and the public in^general is cautioned^{by thesaid possessionnotice not to} deal with the property as possession of the said^propertyhas been taken.^{This is} for^{lhe reqsonthat,} from this stage on, the secured assets is liable to be sold to reqlise the debt^{owed, and title in the assetdivested} from^{the borrowerand complete title given to the purchaser,asis mentionedin S. I 3 (6) of the Act.There} is, thus, a radicql change in the borrower dealing^{with the secttredasset} from^{this stage. At the sage of a} 5.13(2) notice, S.l3(13) interdicts the borrowerfrom^{transferringthesecured asset (otherwise than in the} ordinary course of this business) without prior written^consent of^the seatred^{creditor.But once a} possession notice is given under Rr.8(l) and 8(2) by the secured creditor to the borrotver, the borrower cannot deal with the secured asset at all as all further steps to^{reqlise the same qre to eb taken by the} secured creditor under the 2002 Rules.

¶47

S. 19. also makes it clear that compensation is receivable under^S. l9 only^{when possession} if secured assets is not in accordance wilh the^provisions of this Acl and^rules made^{thereunder.The scheme} of S. l3@) r/w R.8(l) therefore ntakes it clear that the delivery oJ'a^{possessionnoticetogether with} affwation on the property and^publication is one mode of taking^{'possession' underS. I} 3(4).^{This being the} cqse, it is clear that S. I 3(6) kicks in as soon as this is done as the expression used^{in S. I} 3(6) is^{'ofter taking} possession'. Also, it is clear that Rr.8(5) to 8(8) also kick in ass soon as^'possession' is taken under Rr.8(l) and 8(2). The statutory scheme, therefore, in the^present case is that once^possession is taken under Rr.8(l) and 8(2) r/w S.l3(4)(a), S.l7^gets attrqcted,^qs this is one of the measures referued to in S.l3(4) that has been tqken by the secured creditor under Chapter III.

¶48

, R.8(3) begins with the expression^'in the event of'. These^{words make} it clear that^{possession may} be taken alternatively under sub-rule^(3). The further expression used in^{sub-rule (3)} is^{'actually taken'} making it clear that physical possession is referred to by R.8(3). Thus,^{whether possessionis takenunder} either R.8(l) and 8(2) or under R.8(3), measures are taken by the secured creditor under^S. I 3(4) for^the purpose of attracting S. I 7⁽¹ ).

¶49

The argument that S.l3&)(a) has to be read in the light of clauses^(b) and^(c) is incorrect and must be rejected.

¶50

Equally fallacious is the argument that S.l 3(4) must be read in^the light of^{Ss.I 4} and^I 5.^Thereis no doubtwhatsoever that under S. 14(l), the Magistrate takes^po,ssession of the asset and forwards'such asset to the secured creditor. Equally, under^{S. I} 5 there is no doubt that the^n'tanagement of^{the business} of a borrower must actually be laken over. These ore separqte and distinct modes of exercise of^powers by a secured creditor under the Act. ILhereas Ss.l4^qnd l5 have to be^read by^themselves, 5.13ft)(a),^{as hqs} been held by us, has to be read with R.8,^qnd this being the case, this argument must^alsobe rejected.

¶51

S. l7(3) is a provision which arms the Debts Recovery Tribunal to^{givecertain reliefswhen} applications are mqde before it by the borrower. One of^{thereliefsthctt} can^{be given} is^restoration of possession. Other reliefs can also be given under the omnibus S. 17(3)(c). Merely because one of the reliefs given is that of restoration of possession does not lead to lhe sequitur that only actual^physical posSession is thereofcontemplated by S.l3(a), since other directions that may be considered appropriate and*necessar! may also be givenforwrongful recourse taken by the secured creator to S. l3(4).

¶52

¶53

@)g'y^{npun pansilaq uarytoru actpu apsD qcrynt ot} uons"tnd^{'uillu uaaq amq ,bw uorssassod} lo4stqd .to aupnqsuoc '{lt.totntots lolfi fiap I sillDw npuaddo sug^{'uorlocg[1lou} ptDS aLfi tq pauasu! firou sl V AI npuaddy'sapkqnsoqButppopapuaruDLtaaqacutssot! g.A,gl0Z.0 I.llpappuoltocg[1touo,tg

¶54

'pauc'01, )s 996 I alY'twol^sDtlulsDtDN hl ^^{oDAo1o,tut1tuotr41} S'l'ht^{:tggzutogaut.luo} J)S^{gt7z ,pt7} l)tl ^ pn sprcH $Do) aqg

¶55

'paqnnBurlsrp

¶56

puo pagfuo1c't6t 6!d ))S h @tOd :66 J)S SI kt7d,pt7 qapH $o) aryg ^pt7 CJI

¶57

.salna z00z aql

¶58

lo 6^{puo g'q} WlwaouDpronD^{ut acnld satlot nlsuotlacuo} tasso^{aryto aata/suDqaLil u! arut alaldwocslsaa.} ,(latatu fiq'pssD aqtto nuuo aql orut ronpao patncas aqt tra^uo? tou saop (iltt'S ut paururuo? uollc!/[ aql sD JaAo uillol st uorssassod nlto uaaa rcttpafi patncas o sutDtilAJ tottpao pancas V 'ftssD patn)as qcns to nuuo lourBrto aLlt {q apDut Ltaaq potl .taJsuo4 ary ! sD lassD parncas ary ut 'sryZu go .tasoqc.tnd rc aassq aW u! $a^'|uatuu81sso rc aps 'asoa1 tq 'toru rcTrpatc parncas aql n,('aco1d uatlol soq 'pctsttld ro aupnr$uoc 'uotssassod 3un1o1 to ry\t DSSaI aqt ,!uo qBnoqt^,(iltt.S npun^,t1rrcy1o4g

¶59

ot pattata"t 'bgZ 6D) JrS t (ttOd : 0tg ))S 9 (tt0d 'townx oglrwV Iry a asaq&torl toqpn

¶60

pas/a^a/'pPq 'tts JJJ I 0t7d : t90b pDI^l aunuo JJS 0l0Z luDg parauoq) p.topuDls ^lDwnx alqoN I

¶61

'pdqqd@iip'ree 6!d )JS z Otod : stt ))s h Or0z) 'tppra rapua.tDwv l,1l ^ luDg DrDuo) : peiefiDn;pibQio$:91 (^!)) ))S I @OOd: SZI J)S I @00d'olpuJlouorun ^arccsuDrJ

¶62

'rapunaraql apDut salnA aLlt puD tov IS7V4AVS ary lo p.tp ary 3u1uo11ot toilpan parncas ary^(q auop aq tsnu ellt pql Suraq rtaaoc {luo aqt^,uodn paaotdtur ,firuafi sDq py NSVIA1S aqt qclLt$ 'lDunEtJ fuatocay slqa1 aq to uotruaMaru! ruoqil$ stqap 4allt talocat pu pfoc suotmqtsu! lotcuoug[7sTuDq^{'pV slqao} lo^{ttad.ocayaLfi npun pqt ppD ot ssapaau} fl tl^{'tai4otroq aqt} to raqaq aW p u! saruoc punqt.rl fuaaocay stqa1 ary pllt ot paraqpD pu an suotltpuoc ttofitots qcns uaqu Quo s! ll^'lcv plos aql ,{q u^op ptDl sltotttpltoc ttottttDts aql ot Surnqpo tq ny BSVTAVS .tapun puo ssacotd uno^{aql aptslnosatttadotd} 3ur11as {q stqap taqi n^o)a.t uD) suotfitltsur lorcuoug[ puD slulg

¶63

rc!a1os .to uatuu,tsso lo fott {q nlsuo.t1 ot t.Br.t allt 'uillDt ,, uo,rrrrXloT','o:i:;;;;Xri::';)7::;;tt'!:;i, to^{1u1od atnlnto p (dg puo (t)g'q rapunuillol st uorssassod.tatto} Dsso^{pa.tncas aqltouayol sr uorssassod} pus{qd pucD afiq$ sasoc ut anlnl ur auop aq uoc asoal to {nrvt {q ,tatsuotl 'Qpnbg 'pa1ca[a aq auDc patuu8tsso ro aps atotaq nru aq ol suolttpuoc-atd snorna. annbat qclq& safiA 7697 aryJo 6 pul g'ty Wti azuop.to)cD ut pae)nxa aq ,Quo UDJ aps to TuawuSrssoto^(ou (q ntsuotl o1 ryg|r aw 'oslv 'pssD pa.%cas aql Sutxpat .rot sasooqc roltpan patn)as aqt ntsuoll lo apow qcry& uodn Sutpuadap 'aps ro ruaruuBtsso 'asoa1 to ,(o,n ,Q aq pfoc ntsuotl o1 ry37t aW pW nap fl il 'asDc aqt &ulag sqJ 'aps to pawu&tsso lo^{,{on tq panpataq uDc tassDaql '(dgpuo (t)g'ry.tapunuillDt st uotssassoduaq14't1,tod pnql o ol} apDw s! autos aqlto asDal o puD ra^o uillot uotssassod loastqd uaqi4. st pssD patncas aqt Sulnpatlo ton auo'1

¶64

uo patpt 't I t )JS t, (t 00d 'o1pu1lo uotun ^^{pry spcrutaqJ olp.tory}

¶65

'.tottpan parnzas aql ,{q ua7o1 uorlco pJSuotu to^{asocu1 ,(poq ptcrprtf-tsonbo ol asrno)alluDlsutql$ D(^ottoqaryapmotd ol ',Qawou 'paMasqoaq} osp tsnw (dgpuo (t)gry {q tno par.uoc so'tov aqlto vcafqo aqtto auo wqt a.,totataqt'rDap s1 1J^'aco1d sat1o1 rQpnlco aps D lltun 'lltts asrc(w ./o 'pansfi^y acrpu aps D ltrun ttD&r ot sDq .tai ouoq aqt 11 pag{lqWs aq illl n.rrottoq D ot rottpan pafixcas o lo uorlco p/Buolu aqt tsutoSo ipawat o Sutpnotd to^pafqo aq1 a{j taao s! (dtt'S npun paErcsatd pouad stop 09 ary ato/aq (dS puo (t)gU rapun uotssassod sat1o1 .totlpan pailnas o qctqt'(iltt'S tapun satnsoatu aqlto tuo 3un1o1 afqil'rcilpan patncas aqt asDo u! wntot lorcrpnttsonb o 1cootddo ot ra$o)roq ary alqDua ol oslD v 'atotatary '1cy aql to na{qo aq1^'t.mo3 awatdng aql ,{q uuop tJnus sz&r qcryAi Slto llsodap-atd snotauo ary Suopw tnoLlryil punqrrJ ttarocay stqa1 aW atotaq aporu aq toru suoltoctlddo pW fiq '(V-ilt t'S .tapun ni oiloq aql to suogcafqo 8u11dacco |oulotuatrB^{aq ot a^oq suosDat op} tluo^{pu aLil} rulfi fiap il^illDwoslD lcv ruawpuawv ,002^aqttosuosoay puo vcafqg to pau4og ary 'Qlonbg^'pmlE.U ,Oarccay stqa1 aW wott tarpt pB ot nuot.roq allt ot astnocar saru8 'auop tou t1 'qcryar. tqap parn)as aqt aypil o1 py aql to suotstrotd aW qUM ,Qtruntuoc ur Surtco s.toilpan pa.tn)as sapry)ut oslD tuawpDua purBt.to aqlto na[qo ary^pW uaas aq uD) tl

¶66

zzoz.ilzt YS

¶67

sA t2v2022

¶68

ofthe 2002 Rules. Appendix lVA, therefore throws considerable light on the controversy and recognises thefact that Rr.8(l) and 8(2) refer to constructive possession vvhereas R.B(3) refers to physical possession. NCMLIndustriesLtdvDebtsRecoveryTribunal.20lSSCCOnLineAll 176:AlR20l8All t3l. reversed.

¶69

NCML Industries Ltdv Debts Recovery Tribunal, 2017 SCC Online All 2842; Sushila Steels v Union Bank of India, 2014 SCC Online All 15639 : (2014) 105 ALR 58; Arum Jewels v Vijaya Bank, 20t7 SCC OnLine All 2843, referued to

¶70

, Associated Hotels of India Ltdv R.N Kapoor, AIR 1959 SC 1262, cited. [ttnderline^{is mine]} I l. In the above circumstances and in view of the discussion as above and in the light of the law enunciated by the Hon'ble Supreme Courl in Hindon Forge's case (supra), this Tribunal is not inclined to accept the argument advanced by Ld counsel for the defendant to the extent that the applicants are not entitled to approach this Tribunal by way of an application under S.l7(1) of the Act unless and until they are actually dispossessed physically. In the above premises, the net result of the discussion comes to the conclusion that the application filed on I L03.2022 is not barred by limitation and is perfectly maintainable before this Tribunal and in view of the bar under Ss.34 and 35 of the Act this Tribunal alone is having jurisdiction to entertain the same.

¶71

Admittedly, the applicants availed in the year 2016-2017 a housing loan of

¶72

¶73

{40 lakhs and a personal loan of <9.75lakhs from the defendant company. According to the applicants, the demand notice was not served and the possession notice was not affixed in the property and was not published in two newspapers and also the date of classification of the account as non-performing asset was not mentioned in the demand notice. On the contrary, the defendant in his statement of objection submitted that when the applicants defaulted the repayments in the housing loan and the personal loan, the accounts were classified as non-performing assets on 31.10.2019 and thereafter the demand notice was issued on 07.11.2019, which was personally acknowledged by the applicants and as the applicants did not comply with the demand under the said notice, a possession notice dated 11.02.2021 was issued, which was published in two newspapers dated 17.02.2021.

¶74

sA 12v2022

¶75

¶76

The core issue relating to the SA is the service of notices in terms of the Act and the Rules made thereunder. The applicants are aggrieved by the infirmity occurred in such service only. S.l3 of the Act deals with enforcement of security interest and sub-sections (2) and (3) thereto specifies the mode of requirement by the secured creditor to the borrower by notice in writing to discharge the debt due, and it reads as

¶77

below:-

¶78

"(2) l{here any bonower, who is under a liability to a secured creditor under a security agreement, makes any default in repayment of secured debt or any instalment thereof, and his account in respecl ofsuch debt is classified by the secured creditor as non-performing asset, then, the secttred creditor may require the borrower by notice in writing lo discharge in full his liabilities to the secured creditor within sixty days from the date of notice failing which the secured credilor shall be entitled to exercise all or any ofthe rights under sub-section^(4):

¶79

PROVIDED lhat^_

¶80

(i) the requirement of classification of secured debt as non-performing osset under this subsection shall not apply to a borrower who has raisedfunds through issue of debt securities; and

¶81

(ii) in the event of default, the debenture trustee shall be entitled to enforce searity interest in the same manner as provided under this section with such ntoddications as may be necessary and in accordance with the terms and conditions of security documents executed in favour of the debentttre trustee.

¶82

, (3) The notice referred to in sub-section (2) shall give details of the amount payable by the borrower and the secured assets intended to be enforced by lhe secured creditor in the event of nonpoyment ofsecured debts by the borrower."

¶83

Sub-section (a) of S.l3 of the Act deals with the recourses could be taken

¶84

by the secured creditor in case the borrower fails to discharge his liability in full within

¶85

the specified period in the notice issued under sub-section (2), and it reads thus:-

¶86

"&) In case the borrower fails to discharge his liabilitl, in fttll within the period specified in subsection (2), the secured creditor may take recourse to one or more ofthefollow,ing nleasures to recover his secured debt, namely:-

¶87

(a) take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or salefor realising the secure asset;

¶88

(b) toke over the management of the business of the borrower including the right to transfer by way of leose, assignment or salefor realising the secured asset:

¶89

PROVIDED that the right to tronsfer by .qy of lease, assignment or sqle shqll be exercised only where the substontial part of the business of the borrower is held as securityfor the debt:

¶90

PROVIDED FURTHER that where the management of whole of the business or part of the business is severable, the secured credilor shall take over the manogement oJ'such business of the borrower, which is relatable to the security or the debt.

¶91

(c) appoint any person (hereafter referred to as the manager), to manage the secured assets the possession ofwhich has been taken over by the secured creditor:

¶92

(d) require at any lime by notice in wriling, any pcrson who has accluired any of the secured assets from the borrower and from whom any money is due or may become due to the borrower, to pay the secured creditor, so much of the money as is suflicient to pqy the seared debt."

sA t2U2022

R.3 of the Rules lays down the procedure to be followed in taking measure

¶97

under S.l3 of the Act in respect of demand notice, which reads as under:-

¶98

"(1) The service of demand notice as referred to in sub-section (2) of S.l3 of the Act shall be made by delivering (including hand delivery) or transmitting at the place where the borrower or his agent, empowered to accept the notice or documenls on behalf of the borrower, actually and voluntarily resides or carries on business or personally works for gain, by registered post with acknowledgentent due, addressed to the borrower or his agent empowered to accept the service or by speed post or by courier or by any other meqns of transmission of documents likefax message or electronic mail seruice:

¶99

PROVIDED that where authorised oficer has reason to believe that the borrower or his agent is avo,iding lhe service ofthe notice or thatfor any other reason, the service cannot be made as aforesaid, the service shall be fficted by affixing a copy of the demand notice on the outer door or some other conspicuous part of the house or building inwhich the borrower or his agent ordinarily resides or carries on business or personally works for gain and also by publishing the contents of the demand notice in two leading newspqpers, one in vernacular language, having sfficient circulqtion in that locality.

¶100

(2) ll/here the borrower is a body corporale, the demqnd notice shall be served on the registered office or any of the branches of such body corporate as specified under sub-rule( I ).

¶101

(3) Any other notice in writing to be served on the bctrrower or his agent by authorised fficer, shall be served in the same manner as provide in this rule.

¶102

(4) Ilhere lhere ere more lhan one borrower, the demand notice shall be served on each borrower.

¶103

(5) The demand notice moy invite attention of the borrower to provisions of sub-section (8) of S. l3 of the Act, inrespect of time available lo the borrower, to redeent the secured assets."

¶104

Sub-rules (1) and (2) of R.8 of the Rules deals with the mode of delivering

¶105

the possession notice and it reads thus:-

¶106

"(1) I[/here the secured asset is an immovable property, the authorised fficer shall take or cause to be taken possession, by delivering a possession notice prepared as nearly as possible in Appendix-tV to these rules, to the borrower and by afJixing the possession notice on the outer door or at such conspicuous place of the property.

¶107

(2) The possession notice as referred to in sub-rule (l) shall also be published, as soon as possible but in any case not later ,han seven days from the date of taking possession, in two leading newspapers, one in vernacular language having sufficient circulation in that locality, by the authorised oficer.

¶108

(2A) All notices under these rules may also be served upon the borroyter through electronic mode of service, in addition to the modes prescribed under sub-rule ( I ) and sub-rule (2) of rule 8. "

¶109

Annexure B10 is the demand notice dated 07.11.2019 issued under

¶110

¶111

5.13(2) of the Act by the authorised offrcer of the defendant company addressed to the applicants calling upon them to discharge the debt amounting to the sum of <40,99,7421under housing loan account No.154201000661 and the sum of <9,07,491/- under personal loan account No.154220000146 as on 15.11.2019 within sixty days from the date of receipt of such notice. It was stated therein that they have not been repaying the monthly instalments and their accounts are non-performing assets since 31.10.2019 and continues to be non-performing assets as on such date. The attention of the borrowers was invited

¶112

¶113

sA t2v2022

¶114

therein to the provision under sub-section (8) of S.l3 of the Act in respect of the time for redemption of the secured assets. Annexure B10 notice takes care of the details of the amount payable by the borrowers and the details of the secured assets intended to be enforced by the secured creditor in the event of non-payment of the secured debt by the borrowers by way of schedule therein. The endorsement at the beneath of Arurexure Bl0 notice shows that a copy of the same had been personally delivered to the applicants on 07.tt.20t9.

¶115

¶116

In the above circumstances, the applicants are duly served by Annexure Bl0 demand notice. Annexure Bl2 is the possession notice dated 11.02.2021 issued to the applicants by the authorised officer of the defendant company under S.l3(4) of the Act taking possession of the secured asset in respect of the loans availed by them. Annexures Bl3 and B14 photocopies of the extracts of the publication of Annexure B12 shows that the said notice had been published in Kannada in the Kannada Prabha and in English in the New Indian Express dailies dated 17.02.2021. On the showing of the defendant itself Annexure Bl2 possession notice had only been published and not delivered or affixed. Though the applicants in ground (c) has contended that the defendant failed to issue and affix the possession notice, the defendant has not produced any report of affixture or proof for delivery and affixture of Annexure Bl2 possession notice. The defendant has no case that the said notice had been served upon the applicants through electronic mode of service. The word 'and' used in sub-rule (1) and the word 'shall' used in sub-rule (2) of R.8 of the Rules mandate that where the secured asset is an immovable property, the authorised officer shall take possession of the same by'causing the possession notice to the borrowers by the three modes of service as employed therein. No proof regarding personal delivery of Annexure B12 upon the applicants and the affixture of the same on the outer door or at such conspicuous place of the property is produced before this Tribunal. Requirements under sub-rules (1) and (2) t of the Rules are mandatory. .::":

sA t2U2022

It is the specific case (as per ground (c)) of the applicants that the defendant has not personally delivered/served Annexure Bl2 possession notice to them and affixed at a conspicuous place of the property as required under R.8(l) of the Rules. The defendant company has no case that its authorised officer took possession of the secured asset by delivering Annexure Bl2 possession notice to the applicants and affixing the same on the outer door or at such conspicuous place of the property. According to the defendant, Annexure B12 possession notice was duly served on the applicants by publishing the same in Kannada in the Kannada Prabha and in English in the New Indian Express dailies dated 17.02.2021 only. No proof with regard to the personal delivery of Annexure B l2 possession notice to the applicants and affixture of the same, such as postal receipt, postal acknowledgement card, report of affixture, photograph etc has been produced in this regard. It appears as to the understanding of the defendant that delivery of Annexure B12 possession notice by way of publication alone is sufficient to take possession of the secured asset. Sub-rule (l) of R.8 of the Rules mandates that where the secured asset is an immovable property, the authorised officer shdll take or cause to be taken possession, by delivering a possession notice to the borrower and by affixing the possession notice on the outer door or at such conspicuous place of the property. The amendment made vide GSR 1046(E) dated 03.11.2016 and applicable with effect from 04.1 1.2016 by insertion of sub-rule (2A) to the effect that all notices under these rules may also be served upon tlie borrower tlu'ough electronic mode of service, in addition to the modes prescribed under sub-rule (l) and sub-rule (2) of R.8 of the Rules only means that personal service of possession notice to the borrower and publication of the same (in addition to affixture) is rnandatory and should be ensured, though the electronic mode is an option. The defendant has no case that he has served Annexure B12 possession notice upon the applicants even through electronic mode of service and affixed the same as per sub-rule (l) of R.8 of the Rules. In the instant case, there is a failure on the part of the defendant to serve Annexure B l2 possession notice

¶121

sA t2v2022

¶122

¶123

personally to the applicants and to affix the same. fherefore, Annexure 12 possession notice, as contended by the applicants, is bad in law.

¶124

A purposive construction and interpretation of the statute has to be made so as to advance the purpose of the enactment and the intention of the legislature. A provision in a statute should be interpreted giving literal meaning to all the words used therein by the legislature, considering that the legislature has not made any mistake. It is trite and well settled that no word used in the Act or the Rules made thereunder is to be considered as something unnecessary and the rule of interpretation requires it to be read and understood, as to give meaning/effect to every such word, adopting a course of harmonious interpretation. Statutes/Rules have to be construed so that every word has a place and everything is in its right place. It may pertinent to be mentioned here that the coordinating conjunction used in sub-rule (l) of R.8 of the Rules is 'and' and not 'or'. Normally, the word 'and' is to be given its literal rneaning as a conjunctive. 'And' presents non-contrasting item(s) or idea(s) and thus is called a conjunctive conjunction whereas 'or' presents an alternative item or idea and thus is called a disjunctive conjunction. A conjunctive conjunction is always used to suggest that one idea or statement is chronologically sequential to another; to suggest one idea is the result of the other and to suggest one clause is dependent upon another, conditionally. A conjunctive conjunction often co-relates and joins the preceding and the succeeding words orphrases and it is inclusive of both the parts. When two phrases in a provision in a statute is joined by 'and' the same is conjunctive. In a conjunctive statute, the succeeding part is the continuation of the preceding part and inclusive of both.

¶125

¶126

2I. Sub-rule (1) of R.8 of the Rules is an example of conjunctive Rule. The second procedure succeeding the word 'and' is a continuation of the first procedure and it enjoins the two. The word 'and' appearing therein is to be given an appropriate meaning and cannot be said that those word has been used loosely by the Rule rnakers. When the law makers have carefully used the word 'and' in the said sub-rule, there is no

sA t2l/2022

compelling reason to depart from the normal interpretation of the understanding of the words in its dictionary meaning. Things being so, the procedure adopted by the defendant company through its authorised off,rcer to take possession of the secured asset by complying only with sub-rule (2) of R.8 of the Rules carulot construe to be taken as in accordance with the Rules. The Hon'ble Supreme Court in Ramesh Mehta v. Sanwal Chand Sanghvi [reported in Q004t 5 SCC 409J has held that in selecting a true meaning of a word regard must be had to the consequences leading thereto and that if two constructions are possible to adopt, a meaning which would make the provision workable and consonance with the statutory scheme should be preferred. Things would have been different if the conjunction used in the impugned sub-rule had been 'or'. The authorised officer ofthe secured creditor can take physical possession ofthe secured asset, secure it, and sell it to recover the secured debt owed by the secured creditors, without any intervention by the Court or Tribunal. Therefore, he should be utmost responsible to act meticulously in accordance with the provisions of the Act and the Rules made thereunder and to follow the procedures prescribed thereunder bearing in mind the avowed object of the Act.

¶131

The Hon'ble High Court of Guwahati in Jaiprakash Associates Ltd v State uh)l has held that the use of the word 'and' conveys a cumulative sense and requires fulfihnent of all the conditions that it^joins together. The Hon'ble High Court of Kerala while interpreting the word 'and' used in the proviso to sub-rule (l) of R.9 of the Rules made it clear in Rcian v AuthorisecJ

¶132

'3) KLT BIU that the conjunction 'and'

¶133

employed in the proviso indicate the mandatory nature of all the three rnethods of service employed therein, and it reads as below:-

¶134

serve, , affa "A reading and publish of the the proviso notice ofsale to R.9(1) of ofnot the Rules makes less than t5 days it to aqlicit the borrower, thqt the attthorised for any subsequent oficer ntustsale. The word 'serve' relates to personal service of notice, affxhre relates to the notice being affixed on the property and the publication relqtes to the publication of notice in the newspaper ctailies. The conjunction 'and'employed in the proviso also indicate the mandatory nahtre of all three methods of notice. Further, in amendment to S.l3(8) of the Act, the proviso to R.9(l) ntandates the three methods of serve, ::::"rrr"

¶135

sA t2v2022

¶136

¶137

affa and publish the notice to be carried out, with I 5 days cleqr notice. ln the instant case, there is a failure^{onthe part of the respondent to serve notice of} not^{less thanI} 5 days upon the petitioner. Therefore, the notice of sale is bad in law."

¶138

The imperative expression'shall'used in sub-rule (2) of R.8 of the Rules makes it abundantly clear that without securing publication of the possession notice within seven days from the date of taking possession in two leading dailies, one in vernacular language having sufficient circulation in the locality of the borrower, an authorised offtcer cannot take or cause to be taken possession of the immovable secured asset. In the backdrop of the above unquestionable legal principle, this Tribunal is of the opinion that it is impermissible to read and understand sub-rule (1) of R.8 of the Rules by substituting the word 'and' occurring therein with the word 'or' and substituting the word 'shall' occurring in sub-rule (2) with the word 'may', and to follow the same. Stated precisely, the words of sub-rule (1), 'to the borrower and by affixing' can never be read as 'to the borrower or by affixing'. Similarly, the words of 'shall also be' in sub-rule (2) as 'may also be'. The word 'and' connecting the first procedure by way of personal delivery and the second procedure by way of affixture should be read and understood only as a conjunctive conjunction. At any stretch of imagination, it can never be a disjunctive conjunction. That alone would be in consonance with sub-rule (3) of R.3 of the Rules, which stipulates the manner for service of any notice prescribed under the Rules. A conjoint reading of sub-rules (1), (2) and (2A) of R.8 of the Rules, would make it ample clear that taking possession of the secured asset syrnbolically or physically would be valid only if the possession notice is duly served upon tlie borrower by all the three modes of service employed therein.

¶139

¶140

In the above facts and circumstances and in view of the discussion as above, it can only be held that the defendant company has not delivered Annexure B12 possession notice upon the applicants in accordance with the provisions contemplated under S.13(4) of the Act r/w sub-rule (l) of R.8 of the Rules and hence the same is bad in

¶141

sA 121/2022

¶142

¶143

law and is liable to be set aside. In view of the above finding, the other contentions raised by the applicants are not being taken into consideration.

¶144

In the above circumstances and in view of the discussion as above, the SA , is liable to be allowed with liberty to the defendant company to invoke the provisions under the Act for enforcement of security interest over the secured asset afresh in accordance with the provisions of the Act and the Rr"rles made thereunder n-reticulously. 26. In the result, IA Nos.54012022 and 27312023 are closed and SA 12112022 is allowed with the following declarations/directions:-

¶145

O this Tribunal declares that the measlrres taken by the defendant company under sub-section ( ) of S.13 of the Act are invalid and thus set aside; ,⁽ⁱⁱ⁾ the defendant company through its authorised officer is directed to restore the possession of the secured asset to the mortgagor within seven days from today;

¶146

(iii) the defendant company shall reverse all costs, charges and expenses incurred by it or any expenses incidental thereto in connection with the irnpugned action taken against the borrowers under sub-section (a) of S.13 of the Act and shall not claim them as legally recoverable debt by operation of law;

¶147

(iv) the defendant company is granted liberty to invoke the provisions under the Act for enforcement of security interest over the secured asset afresh in accordance with the provisions of the Act and the Rules made thereunder meticulously;

¶148

(v) the parties shall suffer their respective costs. 27. Communicate copy of this final order to both parties as provided in sub-

¶149

section (7) of S.l7 of the Act r/w R.l6 of the Debs Recovery Tribunal (Procedure) Rules, 1993 (as amended from time to time).

¶150

[Dictated^{to my PAdirectllton the compuler, correcled and pronortncedb:,- nre in} tlre opctt^'l'ribtmal on this the 0/t' day ofNovember,2023l

¶151

¶152

¶153

\ I^{TMTIAZ ALr} ] PRESIDING OFFICER

¶154

Appendix to SA 12112022

¶155

¶156

APPENDIX

¶157

Aprrlicants' Exhibits

¶158

¶159

Witnessforthe	applicant	Nil
Witnessfordef	endant	Nil
ExhibitNo.	Date	Particularsof documents
Annexure-A	l08.03.2022	Certified copyoftheorderpassedbythe ChiefJudicial Magistrate, BengaluruRural District,BengaluruinCrl MiscNo.26912021
AnnexureA2	07.04.2021	CertifiedcopyofCrlMiscNo.26912021filedbythe defendantbeforethe Chief JudicialMagistrate,Bengaluru RuralDistrict,Bengatluru Defendant's Exhibits
Annexure-	Bl21.03.2016	Photocopyoftheloanagreement executed betweenthe applicantsandthe defendant company
Annexure-B	203.11.2016	Photocopyofthesupplementalloanagreementexecuted betweenthe applicantsandthe defendant company
Annexure-B	312.02.2016	Photocopyofthe loan sanctioncomrrunication letterissued bythedefendantcompanytotheapplicantsadvisingthem sanctionofhousingloanoft36.50lakhs,whichwas countersignedby tlieapplicantsintokenofhavingaccepted thetermsandconditions therein
Annexure84	03.II .201 6	Photocopyofthe loanenhancernentcommunication letter issuedby the defendant companytothe applicants advising themenhancementofthehousing loanto{40lakhs,which wascountersignedbytheapplicantsintokenofhaving acceptedthe termsandconditionstherein
Annexure85	29.01.2011	Photocopyofthe loan sanctiorlcomlltunicationletterissued bythedefendantcomparlytotheapplicantsadvisingthem sanctionofpersonalloanoft9.75lakhs,whichwas countersignedbythe applicantsintokenofhavingaccepted the termsandconditions therein
Annexure86	28.07.2017	Photocopyoftheloanagreement executed betweenthe defendant companyandthe applicants
AnnexureB7	22.03.2016	Photocopyoftheletter evidencingdepositoftitledeeds executedby theI'tapplicantinlavourofthedefendant companyinrespectofthescheduleirnmovable propertyas collateralsecurity forthe housing loanof{36.50lakhs
Annexure88	03.11.2016	Photocopyofthe letterevidencingdepositoftitledeeds executedby theI'tapplicantinfavourofthedefendant companyinrespectofthescheduleimmovable propertyas collateral securityforthe additional housing loanof{3.50 lakhs

¶160

¶161

¶162

Appendix to SA 12112022

¶163

Annexure89	28.07.2017	Photocopyofthe letterevidencingdepositoftitledeeds executedby theI'tapplicantinfavourofthedefendant companyinrespectoftheschedule irnrnovablepropertyas collateralsecurityfortl"repersonal loanof t9.75lakhs
AnnexureB10	07.11.2019	Photocopyofthe demand noticeissuedunder S.13(2)ofthe Actbythedefendanttotheapplicantswithcopytothe guarantor
AnnexureBll	28.02.2022	Computergeneratedassetidbasedsearchreport downloadedfromthewebsiteofCERSAIinrespectofthe scheduleimmovable property
AnnexureB12	tt.02.2021	Photocopyofthepossessionnoticeissuedunder S.l3(4) r/w R.8(l) oftheRulesbythedefendantinrespectofthe scheduleimmovable property
AnnexureBl3	17.02.2021	PhotocopyoftheextractofthepublicationofAnnexure Bl2madeinKanr-radainKannada Prabliadaily
AnnexureBl4	17.02.2021	Photocopyofthe extractofthepublicationofAnnexure 812madein English intheNew IndianExpressdaily
Annexure B15		Statementofaccouutfbrthe period1}om 01.01.2016to 26.04.2022inlespectofhousingloanaccount No.I5420100066 I
Annexure816		Statementofaccountforthe periodfrom01.01.2016to 26.04.2022inrespectofpersonalloanaccount No.154220000i46 I<br>Y;nn? PRESIDINb6rrrCNN

¶164

Schedule to SA 121/2022

¶165

¶166

SCI{EDULE PROPERTY

¶167

All that piece and parcel of the Residential property bearing Site No.34,Assessment No.l06 and 107, Machohalli Village,Dasanapura Hobli, Bangalore North Taluk,Bangalore,and Measuring East to West(38.6+34.6) 12 feet arrd North to South 40 feet in total measuring 1464 sq feet and Bounded on:

¶168

,^{Eastby: Private Property} West by: Road Nonh by: Property No.33 South by: Property No.35

¶169

\0 n,, PIIBSIDINd OFFICER

¶170

IN THE DEBTS RECOVERY TRIBTINAL^{- 1,} KARNATAKA AT BANGALORE

¶171

PRESENT: Szu IMTI AZ ALI PRESIDING OFFICER

¶172

Dated the 09th day of November,2023

¶173

SBCURITISATION APPLICATION^{NO. I21 OF 2022}

¶174

Between Rathna, W/o Harinath G, 34, Machohalli, Dasanpura Hobli" Bangalore North, Karnataka - 562123 and another.

¶175

...Applicants

¶176

And

¶177

The authorised oUlcer, Can Fin Homes Ltd, Electronic City Branch. 445, Ground Floor, Near Shreya Hospital. 4'h Main, 5tl' cross, Kegeri Satellite Torvu, Bangalore, Karnataka - 560060.

¶178

Defendant

¶179

FINAL ORDER

¶180

Mrs Rathna v. Can Fin Homes Limited

Case brief

What is this about?

What did the court decide?

Mrs Rathna v. Can Fin Homes Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Cases cited

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Mr Vijaykumar Sarvaiya versus Sbfc Finance Private Limited

Karnataka Bank Limited versus Adarsh Chaudhary

Punjab National Bank versus Ramesh Chand Rawat

Hdfc Bank versus Kanchan Singh

Canara Bank versus M/S Yogender Aggarwal

Hdfc Bank versus Tirumalsetty Lakshmi Kiran