SUBASH FOUNDATION N Vs. CHAIRMAN AND MANAGING DIRECTOR

JUDGEMENT

(1.) THE petitioner has brought forth this writ petition seeking for the issue of the writ of certiorarified mandamus to call for the records of the second respondent herein culminating in the order No. ZOM/ld/05-1018, dated 19. 5. 2005 and to quash the same and to direct the second respondent to accept the entire sum of Rs. 1,68,00,000/-being the agreed sale price in one lump sum in respect of the assets seized by the second respondent under the provisions of Securitization and Reconstruction of Financial assets and Enforcement of Security Interest Act, 2002.

(2.) THE learned counsel for the respondents, relying on the decision of the Apex Court reported in 2003 (10) SCC 733 (FEDERAL BANK LTD. VS. SAGAR THOMAS AND OTHERS), would submit that the writ petition is not maintainable. Therefore, following the decision of the Supreme Court, the court feels that there is no impediment in dismissing the petition as one not maintainable. At this juncture, the learned counsel for the petitioner would submit that a liberty has got to be given to proceed under the securitization and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002, which in the opinion of the court, could be granted. Accordingly, liberty is granted. This writ petition is dismissed as one not maintainable. No costs. Consequently, the connected wpmps are also dismissed.