KAILASH CHANDRA SHARMA Vs. ICICI BANK

JUDGEMENT

(1.) Appalled by the rejection of his impugnment of the notice dated 10.1.2012 issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act') thereby restraining him from transferring/assigning/surrendering/selling etc. the secured assets detailed in Annexure-A thereto, the appellant seeks panacean intervention of this Court in this appeal. We have heard Mr. Rajendra Prasad, learned counsel for the appellant and Mr. Ajeet Bhandari, learned counsel for the respondents.

(2.) For the issues raised herein, elaboration of the textual facts is inessential. Suffice it to mention that the appellant had applied for home loan from the respondent-Bank to the tune of Rs. 11,00,000/-, in response whereto, the latter had sanctioned a financial accommodation of Rs. 9,50,000/-. Construing his account to be non-performing asset, notice under Section 13(2), as above, was caused to be served on him by the respondent-Bank through its advocate, the respondent No. 4 herein. Questioning the validity thereof, he sought to invoke writ jurisdiction of this Court contending that the same being neither by the secured creditor nor its authorized officer, as envisaged in Section 13(2) read with Rule 2(b) of the Security Interest (Enforcement) Rules, 2002 (hereinafter referred to as 'the Rules') it was inoperative and null and void. The respondent-Bank in its affidavit, while questioning the maintainability of the writ proceedings on the ground of availability of alternative remedy to the appellant, endorsed the validity of the notice issued by its advocate on its instructions.

(3.) The learned Single Judge sustained the plea of the respondent-Bank on an interpretation of the relevant provisions of the Act and the Rules and placing reliance chiefly on the decision of the Calcutta High Court in Asset Reconstruction Company India Ltd. Vs. M/s. Amit Ventures Private Ltd. & Ors., 2007 AIR(Cal) 49