INDIAN BANK Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Not on board; taken on board.

(2.) Leave is granted to the learned advocate-on-record for the petitioner to effect correction in the cause title of the writ petition to properly describe the respondent no.2.

(3.) This is a peculiar case where the petitioner (a nationalized bank), a lessee in respect of Shop No.5, 6, 7, 8 and 9, Ground Floor, Tanishq Height, Plot No.24, Final Plot No.206/1, in Middle Class Co-Op. Housing Society Ltd., in Panvel, Town, Tal-Panvel, District-Raigad (hereafter "the secured asset ") apprehends dispossession by the respondent no. 2 (a secured creditor) from the secured asset in terms of the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter "the SARFAESI Act ", for short) owing to failure on the part of the borrower (respondent no.3) to clear its liability. Normally, the nationalized banks as well as private banks and private financial institutions take recourse to the provisions of Chapter III of the SARFAESI Act for enforcement of security interests created in their favour; however, in the present case, there is sort of a role reversal in the sense that the petitioning (nationalized) bank finds itself at the receiving end of the provisions contained in Chapter III because its lessor has failed to pay his dues to the secured creditor.