KAPU CHINA VEERABHADRA RAO Vs. AUTHORISED OFFICER SPECIAL ASSET MANAGEMENT SECTION PUNJAB NATIONAL BANK

JUDGEMENT

(1.) HEARD Sri N. Vijay, learned counsel representing the writ petitioner, and sri K. Suryanarayana, learned Counsel representing the first respondent.

(2.) THE writ petition is filed praying for issuance of a writ of mandamus declaring the action of the first respondent in proposing to take physical possession of residential building bearing No. 48-18-25, danavaipeta, Rajahmundry, as illegal, arbitrary, violative of Articles 14 and 21 of the Constitution of India and the provisions of the Securitisation and Reconstruction of financial Assets and Enforcement of security Interest Act, 2002 (for short hereinafter called 'the Securitisation Act', for the purpose of convenience) and consequently to restrain the first respondent from taking physical possession of the building in question, and to pass such other suitable order or orders in the circumstances of the case.

(3.) IT is stated that the petitioner is a tenant of a residential building bearing No. 46-18-25 situated at Danavaipet, Rajahmundry, which consists of eight portions and is a double floor structure, and that an agreement was entered into between him and the second respondent on 27. 3. 2003, whereunder he took the said premises on lease for a monthly rent of Rs. 6,500/- and even he was permitted to sub-lease, and an amount of rs. 2,00,000/- was given as advance to the second respondent. It appears that the said premises was given as security by the second respondent towards a loan to punjab National Bank and upon default in repayment, a notice, dated 12. 2. 2005, under Section 13 (2) of the Securitisation act was issued to him. In spite of same, the second respondent appears to have not paid the amount due to the Bank. Hence the notice, dated 16. 5. 2005, was issued, wherein the first respondent requested assistance of Superintendent of Police, kakinada, for taking possession of schedule premises and also requested him to request Station House Officer, I-Town Police station, Rajahmundry, to depute sufficient police personnel, while taking possession of property, which is contrary to Section 14 of the Securitization Act.