DRT-I, Chandigarh dismissed the Securitization Application filed by Lutru Mahadev Gaushala Charitable Society against Punjab National Bank, holding that the Applicant lacked locus standi to file the application under Section 17 of the SARFAESI Act.
The application was dismissed on the ground that the Applicant lacks locus standi.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/59/2024 LUTRU MAHADEV GAUSHALA CHARITABLE SOCIETY Vs PUNJAB NATIONAL BANK
08.07.2025
Item No.27
Present: Mr. Tejinder Singh, Counsel for the Applicant. Mr. DK Gupta, Counsel for respondent No.1&2/bank along with Ms. Nisha Meena, Nodal Officer/PNB.
Lutru Mahadev Gaushala Charitable Society (Applicant) has filed this Securitization Application under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), against the Authorized Officer, Punjab National Bank and others (Respondents).
Applicant claims itself to be a charitable society running a Gaushala. PNB had sanctioned some credit facilities to M/s Jai Shree Salasar Steels and others. Bank had filed OA No.1794/2019 against the M/s Jai Shree Salasar Steels and others, which has been allowed on 31.03.2021. The loan was allegedly given in the year 2014. Whereas, the property was mortgaged on 23.04.2015; Applicant allegedly came in possession of the property in the year 2018.
Applicant has no locus standi to file the present SA and the same is hereby dismissed.
File be consigned to record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
PANKAJ
1 issue framed by the court
Whether the Applicant has locus standi to file the Securitization Application under Section 17 of the SARFAESI Act.
1 provisions across 1 enactments
Lutru Mahadev Gaushala Charitable Society
Punjab National Bank
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
