A. VIJAYAPRABHU Vs. ICICI HOME FINANCE COMPANY LIMITED

JUDGEMENT

(1.) The challenge by the Petitioner is to coercive proceedings taken under the provisions of SARFAESI Act , 2002. Learned counsel for the Petitioner vehemently argues that his property is different from the security property and therefore, his property is not the focal point of coercive recovery. Learned counsel appearing for the Respondent - Bank vehemently opposes the Petition contending that Petitioner is not the owner of subject flat and therefore, he has no locus & locum to maintain the Petition. However, she does not dispute the security property being different from the Petition property.

(2.) Having heard the learned counsel for the parties and having perused the Petition papers, this Court broadly agrees with the submission of learned counsel appearing for the Petitioner that the property other than the one furnished by way of security for repayment cannot be the subject matter of coercive proceedings of recovery. Admittedly the property in respect of which Petition is filed is not the security property.

(3.) In view of the above, a Writ of Prohibition issues restraining the Respondent - Bank from proceeding against the Petitioner's property although it is entitled to proceed against the security property.