GURJIT SINGH Vs. RELIGARE FINVEST LTD & ANR

JUDGEMENT

(1.) The present writ petition has been filed seeking quashing of order dated 25.04.2018 (Annexure P-4) passed by Debt Recovery Tribunal-III, Chandigarh dismissing the Securitization appeal (SA) of the petitioner filed under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity 'the Act'). Further prayer is for quashing of notice dated 14.12.2017 issued under Section 13(2) of the Act as well as notice dated 23.03.2018 issued under Section 13(4) of the Act.

(2.) Petitioner is a borrower of loan. Religare Finvest Ltd. and Debt Recovery Tribunal-III, Chandigarh have been arrayed as respondents No.1 and 2 respectively, in this writ petition.

(3.) Petitioner availed a loan facility of Rs.3,09,00,000/- from respondent No.1 and the loan amounts were disbursed on 04.03.2013 and 31.12.2014. The loan was to be repaid within a period of 10 years in equal monthly installments of Rs.3,14,609/- each. In order to secure the credit facility availed, petitioner mortgaged the following property: