L NITHISH KRISHNA Vs. P SAKUNTHALA

JUDGEMENT

(1.) This matter is taken up for hearing through Video-Conferencing. This Revision is at the instance of the plaintiff in OS No.562 of 2012, a suit for partition and separate possession of his 1/4th share in the suit properties, aggrieved by an order rejecting his application for impleading the proposed parties, viz., Canara Bank represented by its Branch Manager, Trichy Road Branch, Coimbatore, and two others.

(2.) It is claimed that the first proposed party has attempted to initiate action under the SARFAESI Act and the second and third proposed parties have purchased portions of the suit properties during the pendency of the suit.

(3.) The said application was resisted by the fifth respondent/proposed party, viz., Canara Bank contending that it being a secured creditor is entitled to exercise its rights under the SARFAESI Act. Section 34 of the SARFAESI Act, bars civil suits challenging proceedings taken under the Act. It was further contended that the Hon'ble Supreme Court has held that the remedy available to a person, who claims to have an interest in the security is to avail of the remedy under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.