CREATIVE HOME FASHIONS LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) By this writ petition preferred under Article 226 of the Constitution of India, though many a relief has been sought, yet in the course of hearing, we have made it clear that we would only address the first two prayers and it would be open to the petitioner to seek the other reliefs by way of an independent writ petition, if so advised. The first two prayers read as under:-

(2.) First, we shall take up the second prayer. At the very outset, we may note with profit that in Mardia Chemicals Ltd. v. Union of India and others, 2004 AIR(SC) 2371 barring Section 17(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity "SARFAESI Act"), the entire Act was held to be constitutionally valid. After the said decision was rendered certain amendments were carried out in Sections 13, 17 and 18 of the Act.

(3.) The unamended Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read as follows: -