SIRAJ AHMED S/O P AHAMMED Vs. AUTHORISED OFFICER AND CHIEF MANAGER ASSET RECOVERY MANAGEMENT BRANCH BANGALORE KARNATAKA BANK LTD

JUDGEMENT

(1.) THE steps taken by the respondent Bank by resorting to the provisions of SARFAESI Act for realization of the amount stated as due from the petitioner amounting to nearly 1.78 crores forms the subject matter of challenge in this writ petition.

(2.) THE case of the petitioner is that being aggrieved by the steps taken by the Bank, the petitioner has already availed the statutory remedy by filing a Securitisation Application under Section 17 of the Securitisation and Reconstruction of Financial Institutions Act, 2002, along with a petition for stay as borne by Exts.P1 and P2. But the petitioner is given to understand that there is no sitting for the Tribunal from 5.6.2012 to 8.6.2012, while the Advocate Commissioner appointed by the CJM Court, Thiruvananthapuram in a petition filed under Section 14, has given notice that he/she will be taking physical possession of the property tomorrow, which made the petitioner to approach this Court by filing this writ petition.

(3.) AFTER hearing both the sides, though this Court finds that the petitioner does not deserve any sympathy, the petitioner can't be stripped off his vested right to move the Tribunal in terms of the statute. In the said circumstances, the coercive proceedings will stand deferred for a period of one week so as to enable the petitioner to move the Tribunal for appropriate orders on Ext.P2.