YASH IMPEX Vs. UCO BANK

JUDGEMENT

(1.) Learned counsel for the petitioners submits that respondents 1 and 2 have initiated recovery proceedings under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act, 2002) against properties of the petitioners. In those proceedings respondents 1 and 2 have published an e-auction notice dtd. 26/9/2021 scheduling auction of the immovable mortgaged properties on 25/10/2021 followed by a Corrigendum on 2/10/2021. The petitioners have challenged the entire action of the respondents 1 and 2 under the provisions of the Act, 2002 by preferring a Securitisation Application under Sec. 17 of the Act. Alongwith the application the petitioners have also filed an application for interim relief/stay for restraining respondents 1 and 2 from taking any further coercive steps against them including auction of the immovable mortgaged properties.

(2.) Learned counsel for the petitioners further submits that petitioner's Securitisation Application and application for interim relief/stay could not be taken up and heard by Debts Recovery Tribunal because Tribunal in Madhya Pradesh at present is not functional. The petitioners have Fundamental Right of seeking judicial review of an order which may have any adverse consequences against them. Since, the petitioners have already availed the remedy, till such time their application for interim relief/stay is decided, they may be protected.

(3.) Learned counsel for respondents 1 and 2 has vehemently opposed the aforesaid prayer and has submitted that the petitioners have not placed the entire facts before this Court. The auction has already taken place and the prospective purchaser has already deposited the requisite amount and has been confirmed in his favour. Hence, petitioners are not entitled for any relief at the present stage.