MOHD. SHARIQ Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Leave granted.

(2.) The present appeal is directed against the judgment and order dtd. 10/3/2016 passed by the Division Bench of the High Court of Uttarakhand, Nainital whereby the High Court while reversing the finding returned by the learned Single Judge under its order dtd. 21/7/2015 upheld the re-auction proceedings initiated by the first respondent(Punjab National Bank-secured creditor) held on 1/5/2014 and granted liberty to the appellant to initiate independent proceedings before the competent forum for recovery of the amount which stood forfeited by the first respondent.

(3.) The seminal facts culled out from the record and relevant for the purpose are that the third respondent borrowed money from the first respondent. However, the third respondent later became defaulter and its bank accounts became NPA and ultimately notice under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(hereinafter being referred to as the "Act 2002") was issued and thereafter assets of the borrower were taken into possession under Sec. 13(4) of the Act, 2002. In furtherance thereof, auction notice was published by the Bank on 18/6/2013 with reserve price of Rs.1.19 crores inviting the bids in reference to the mortgage property of the borrower.