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Judgment
S. Ravi Kumar, Chairperson
This Appeal is preferred under Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) against order dated 17.4.2018 in SA 274/2017 on the file of DRT-II, Chennai. Brief facts leading to this appeal are as follows.
Respondents herein filed SA 274/2017 contending Possession Notice dated 30.10.2017 is illegal, null and void and consequently to order re-delivery of symbolic possession to applicants therein. Appellant bank filed counter and contested the Securitisation Application and Tribunal below allowed SA 274/2017 on the ground that bank has not followed RBI Circulars dated 1.7.2014 and 1.7.2015 in calculating interest and the decision of Hon’ble Supreme Court of India in re, Central Bank of India Vs. Ravindra and others.
Heard both sides.
Advocate for appellant bank submitted that in a Securitisation Application, enquiry is limited to the extent of examining the correctness of the measures taken by respondent bank under Section 13(4) of SARFAESI Act. It is submitted that Tribunal below has not dealt with the claim made in the Securitisation Application as to the correctness of Notice dated 30.10.2017, therefore, it is a fit case where matter can be remitted back to Tribunal below to decide the matter afresh. Other side advocate reported no objection for remand by keeping open all contentions.
Considering the submissions of both sides and on perusal of impugned order dated 17.4.2018, I deem it appropriate that it is a fit case where matter has to be remitted back to Tribunal below for a fresh disposal, by giving opportunity to both parties to agitate their statutory rights.
For these reasons, impugned order dated 17.4.2018 passed in SA 274/2017 is set aside and matter is remitted back to Tribunal below, viz., DRT-II, Chennai with a direction to decide the matter afresh in accordance with law, without being influenced by any of the observations made herein and also finding recorded earlier in SA 274/2017, by giving opportunity to both parties as expeditiously as possible preferably within three months from the date of receipt of this order.
Accordingly, Appeal RA (SA) 3/2019 is disposed of, with no order as to costs. All pending IAs, if any, stand closed.