BANK OF INDIA Vs. PANKAJ DILIPBHAI HAMNANI

JUDGEMENT

(1.) In light of the view that the Court is inclined to take, the petition is taken up for final hearing. RULE. The learned advocates appearing for the respective parties are directed to waive service.

(2.) This petition has been filed praying for the following reliefs:

(3.) The facts are not disputed at least in so far as the present proceedings are concerned. The petitioner-Bank advanced loan on 10.11.2000 to the tune of Rs. 15,00,000/- to respondent Nos.1 and 2. As the liability was not discharged and the outstanding dues had swelled to Rs. 17,65,501/-, on 28.03.2003 proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Securitisation Act) were initiated by issuance of notice under Section 13(2) of the Securitisation Act by the petitioner-Bank. It is the say of the petitioner-Bank that on 14.10.2003 the petitioner-Bank sought to recover possession from the respondent Nos.1 and 2, but because of obstruction by the said respondents, on 30.11.2005 the petitioner moved District Magistrate & Collector, Vadodara under Section 14 of the Securitisation Act. On 28.06.2006, respondent No.3 i.e. the District Magistrate & Collector, Vadodara rejected the application under Section 14 of the Securitisation Act. It is this order which has been challenged by the petitioner-Bank in this petition.