AI Structured Summary
Not yet generated for this judgment
Judgment
Hemant Gupta, J.—In the present petition, challenge of the petitioners is that the process for taking possession of the assets of the petitioner was initiated without notice u/s 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short the ''Act'')
Earlier the petitioners approached this Court by way of a CWP No. 3791 of 2009 and this Court vide order dated, 9.3.2009 disposed of the said writ petition with the direction to consider and dispose of the objections dated 23.1.2009 in accordance with law. In pursuance of the said direction, Respondent-Bank considered objections on 17.4.2009 (Annexure P-10) and communicated the same to the petitioners. However, Mr. Anand, learned counsel for respondent No. 1 could not point out that any notice contemplated u/s 13(4) of the Act has been issued to the petitioners.
In view of the said fact, present petition is disposed of with liberty to the respondents to issue notice u/s 13(4) of the Act. As and when such notice is issued, it shall be open to the petitioner to avail the remedy as provided under the Act.
Since, the respondent-Bank has not issued any notice u/s 13(4) of the Act, the action of the Bank in giving notice to take over the possession cannot be sustained and therefore, such notice dated 6.8.2009 (Annexure P-1) is set aside.
Present writ petition is disposed of in the above terms.