INDIAN OVERSEASE BANK Vs. POPURI VEERAIAH

JUDGEMENT

(1.) THE petitioner, which is a bank, files this revision under Article 227 of the Constitution of India assailing the correctness of the orders dismissing an application filed by it purportedly under Section 34 of the securitisation and Reconstruction of Financial assets and Enforcement of Security Interest act, 2002 (For brevity 'sarfaesi Act') as per the orders in I. A. No. 554 of 2007 in i. P. No. 15 of 2007, dated 8-10-2007, on the file of the I Additional Senior Civil Judge, Guntur.

(2.) THE brief account on the back, which gives rise to the present proceedings are that the respondent No. 1 herein has filed a petition purportedly under Section 10 of the provincial Insolvency Act, 1920 to adjudicate him as an insolvent showing that there exists liabilities to a tune of Rs. 3,37,83,000-00 to different individuals including the petitioner-bank. In the schedule B attached thereto the immovable property belonging to him is shown as items No. 1 to 3. The said petition was filed on 13-4-2007 and was registered on 17-4-2007 in the Court below. Since the petitioner bank was added as a party respondent, notice was sent to the petitioner and it was served on the petitioner on 31-5-2007.

(3.) SUBSEQUENTLY, on 7-6-2007 the petitioner had issued the notice purportedly under sub-section (2) of Section 13 of the sarfaesi Act, which was received by the respondent No. 1 on 12-6-2007. The petitioner got published the same in the newspapers on 13-7-2007 and 14-7-2007. However, there appears no response or any reply by the respondent No. 1.