KAILASHPATI PROVISION STORE Vs. UCO BANK

JUDGEMENT

(1.) INSTANT petition has been filed assailing the proceedings initiated against the petitioner under Securitisation Reconstruction of Financial Assets Enforcement of Security Interest Act, 2002 (Act,2002).

(2.) THE petitioner who is principal borrower took cash credit facility from the respondent financial institution and after having become unable to pay the regular installments its account became NPA and after the notice U/s 13(2) of the Act, 2002 came to be served on 04.06.2011 opportunity was afforded to the petitioner to submit written objections U/s 13(3A) of the Act, 2002. However, after the expiry of statutory period of 60 days, the secured creditor proceeded further to take possession of immovable property over which the security interest was created and proceedings have been initiated by putting the secured asset to auction U/s 13(4) of the Act,2002 and if at all the petitioner is aggrieved after the proceedings U/s 13(4) being initiated, remedy is available by filing application before the Debts Recovery Tribunal U/s 17 of the Act,2002 which could always be availed if so advised.