V. SHANMUGAM Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) THE appellant has challenged order dated 19th Dec., 2007, passed by learned single Judge in W.P. No. 19445/07. By the said order, learned single Judge, while held that there is substantial compliance of provision u/s 13 (3-A) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as 'SARFAESI Act'), dismissed the writ petition.

(2.) THE main plea taken in the appeal, as argued by the learned senior counsel for the appellant, is that the respondent, Union Bank of India (hereinafter referred to as the 'Bank'), having not taken any decision u/s 13 (3-A) of the SARFAESI Act within one week, had no jurisdiction to take steps u/s 13 (4) of the said Act.

(3.) THE main plea taken by the appellant, as referred to above, that the appellant having filed objection/representation u/s 13 (3-A) of the Act against notice issued u/s 13 (2), the bank having failed to take and communicate decision within one week, no action could be taken by the bank against the appellant u/s 13 (4).