M/s Central India Packaging Co. Pvt.Ltd rep., by its Managing v. UCO Bank rep., by its Authorized Officer & Anr.
Case at a glance
- Decided
- 12 Oct 2011
- Bench
- N V RAMANA, P DURGA PRASAD
Outcome
Dismissed
Hence, the writ petition is dismissed with a permission to the
Provisions considered
Judgment
Operative part
THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P.No.19301 of 2011 ORDER: (Per Hon’ble Sri Justice P. Durga Prasad) This writ petition is filed questioning the notice issued under Section 13(2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and also the possession notice dated 27.6.2011 issued under Rule 8(1) of Security Interest Rules, 2002. On 11.7.2011, while admitting the writ petition, this Court granted interim stay of all further proceedings in pursuance of the Possession Notice dated 27.6.2011 subject to the condition of the petitioners depositing an amount of Rs.50,00,000/- with respondent-Bank, within a period of four weeks, failing which the respondent-Bank is permitted to proceed against the petitioners in accordance with law. The matter came up after two months. Now, the petitioners filed an application stating that they could not comply with the conditional order and they deposited only Rs.10,00,000/-, and seeking extension of time for payment of the balance amount. The petitioners are only challenging the notice issued under Section 13(2) of the SARFAESI Act, and the possession notice and they are having a remedy to question the same under Section 17 of the Act, but without availing such effective and alternate remedy, they filed the present writ petition. In view of the same, we are not inclined to entertain this writ petition. At this stage, the learned Counsel for the petitioners submitted that the petitioners want to approach the Debt Recovery Tribunal for appropriate relief. Hence, the writ petition is dismissed with a permission to the petitioners to approach the Debt Recovery Tribunal for seeking necessary reliefs. In the facts and circumstances of the case, we feel it appropriate to continue the interim stay granted by this Court on
11.7.2011 for a period of one week from today. No order as to costs. DATE: 12.10.2011 __________________ Justice N.V. Ramana ____________________ Justice P. Durga Prasad THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P.No.19301 of 2011 (Order delivered by the Hon’ble Sri Justice P. Durga Prasad)
12.10.2011 Nn
Questions this judgment answers
What did the Court decide in this case?
The Court recorded the following disposition: Hence, the writ petition is dismissed with a permission to the
Which statutory provisions did this judgment involve?
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Which court decided this case, and when?
Andhra Pradesh High Court, on 12 Oct 2011. The bench was N V RAMANA, P DURGA PRASAD.
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.