GIRISH SANGAPPA JAGGAL Vs. UNION OF INDIA

JUDGEMENT

(1.) This writ petition is filed aggrieved by the steps taken for recovery of the dues to Respondent No.2/Bank. One of the main contentions taken is regarding the jurisdiction for initiating steps under The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, since the Bank is a cooperative Bank. In view of the huge dues, this Court enquired as to whether the petitioner would be in a position to make some deposit. It is reported that he does not have any resources to make any deposit. In that background, we are of the view that it is in the interest of the petitioner that the steps for recovery are concluded at the earliest.

(2.) Learned counsel for the petitioner submits that there are four items of property, as detailed in Schedule "B" (Annexure P-2). Third item had already been sold. According to the petitioner, if first two items are sold, it may wipe out the entire liability.

(3.) Learned counsel appearing for the Bank submits that because of the pending litigation nobody is prepared to take a risk for purchasing the property even in a public auction.