The tribunal allowed the special appeal and quashed the SARFAESI action initiated by the respondent bank due to non-registration of other properties under CERSAI. The bank may file fresh action after complying with the law.
The special appeal was allowed and the SARFAESI action initiated by the bank was quashed.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/43/2024 M/S JI SAHIB FILLING STATION Vs BARAMULLA CENTRAL CO-OPERATIVE BANK LTD
14.10.2024 Item No.21
Present: Sh. Shrey Vasudev, Counsel for the Applicant. Sh.Ankush Verma, Counsel for respondent bank.
Earlier, applicant had filed a writ petition in the Hon’ble J&K High Court, which had ordered the restoration of the possession of the residential house to the applicant. However, counsel for the applicant states that apart from residential houses there are other properties, regarding which the bank has not got the CERSAI registration done.
Mr.Ankush Verma, counsel for the bank admits this fact.
In view of this, the present SA is allowed and the SARFAESI action initiated by the bank is hereby quashed. However, it is made clear that this order will not debar the bank from initiating fresh SARFAEASI action after complying with the provisions of law.
File be consigned to the record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
MANOJ
2 issues framed by the court
Whether to quash the SARFAESI action initiated by the bank due to lack of CERSAI registration for other properties.
Whether the order deprives the bank from initiating fresh SARFAESI action after complying with the law.
1 provisions across 1 enactments
M/s Ji Sahib Filling Station
Baramulla Central Co-Operative Bank Ltd
A S Narang
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
