THONTARADHYA S. C. Vs. CITY UNION BANK LTD.

JUDGEMENT

(1.) Petitioner, claiming to be the tenant of subject security property is laying a challenge to the coercive recovery proceedings of loan initiated under the provisions of SARFAESI Act , 2002. Learned counsel for the Petitioner submits that he entered into the tenancy three months ago i.e., much before, the impugned Possession Notice was issued and therefore he client's interest needs to be protected.

(2.) Learned panel Counsel appearing for the respondent - Bank opposes the Petition contending that the relevant date for deciding the priority of claims is the date when the loan was sanctioned and property was furnished by way of security by way of mortgage. If somebody subsequently transacts with the subject property, the claim of the Bank can not be put to stake. He also points out that in similar matters, the litigants of the kind are being relegated to the appellate forum as provided under Sec. 17 of the 2002 Act and there are no extraordinary circumstances for showing a differential treatment to the Petitioner under constitutional jurisdictions.

(3.) Having heard the learned counsel for the parties and having perused the Petition papers, this Court declines indulgence in the matter broadly agreeing with the submission made by the learned Panel Counsel appearing for the Bank. Learned counsel for the Petitioner on being asked by the Court agrees to permit the Petitioner to take away the movables belonging to him that are placed in the subject property. This gesture is appreciated.