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Judgment
The present appeal is filed to impugn the order dated 26.04.2017 passed by DRT-III, Delhi in S.A. No.531/2022 titled as Subhash Chand Vs. Oriental Bank of Commerce. The relevant part of the impugned order dated 26.04.2017 is reproduced as under:-
18.Accordingly, the Securitisation Application is allowed quashing the possession notice under Exhibit AW1/1 issued by the bank and respondent bank is directed to de-seal the property and put the applicant in peaceful vacant possession in view of the provision of Section 17(3) of the SARFAESI Act which provides as follows:-
"If the Debts Recovery Tribunal after examining the facts and circumstances of the case and evidence produced by the parties, come to the conclusion that any of the measures referred to in sub section (4) of Section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management or restoration of possession, of the secured assets to the borrower or other aggrieved person, it may by order:-
(a)declare the recourse to any one or more measures referred to in sub-section (4) of Section 13 taken by the secured creditor as invalid; and
(b)restore the possession of secured assets or management of secured assets to the borrower or such other aggrieved person, who has made an application under sub section(1), as the case may be; and
(c)pass such other direction as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub section (4)O of Section 13.
Sh. Prashant Kumar, Advocate for the appellant stated that the S.A. applicant Subhash Chand has already expired and the appellant is not able to find out or trace the legal heirs of the deceased. It is further stated that the appellant Oriental Bank of Commerce (now represented by Punjab National Bank) has already filed O.A. against the borrowers which is the subject matter of adjudication before DRT, Lucknow.
As the appellant Oriental Bank of Commerce (now represented through Punjab National Bank) initiated recovery proceedings against the borrowers and other persons by filing O.A. including the consequential proceedings which is subject matter of adjudication of DRT, Lucknow, the present appeal does not require further adjudication, particularly when the respondent has already expired and his legal heirs are not traceable. The appeal is accordingly disposed of as does not require further adjudication. The appellant shall be at liberty to apply for the revival of the present appeal in case of altered circumstances.