IDFC FIRST BANK LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) The petitioner has filed the present petition impugning an order dtd. 20/6/2019 (hereafter 'the impugned order') passed by the learned Debts Recovery Tribunal III, Delhi whereby, the petitioner's application under Sec. 13(10) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter 'the SARFAESI Act') read with Rule 11 of the Security Interest (Enforcement) Rules, 2002 (hereafter 'the SIE Rules') for the recovery of balance amount of Rs.6,92,551.63 along with interest, was rejected on the ground that the same was less than Rs.10,00,000.00 and was therefore, not within the pecuniary jurisdiction of the learned Debts Recovery Tribunal - III.

(2.) The principal question to be addressed is whether the Debts Recovery Tribunal has the jurisdiction to entertain a claim for less than Rs.10,00,000.00 under Sec. 13(10) of the SARFAESI Act. Facts in Brief

(3.) The petitioner entered into a Loan Agreement on 30/12/2015 bearing Loan Account No. 4938084 for an amount of Rs.23,00,000.00 with respondent no.1 and 2. Thereafter, respondent no.1 and 2 created security interest in respect of the built up property captioned 1/16953, First Floor, Khasra No. 270, Village Skidarpur, Abadu Babarpur Road, Shivaji Park, ILAQA, Shahadra, Delhi (hereafter 'the Property') to secure the Loan and accordingly, deposited original title deeds for the same to the petitioner.