M/S. LOGOS TRAVELS Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Heard Mr.T.Vijay Kumar, learned counsel for the petitioner.

(2.) By filing this writ petition under Article 226 of the Constitution of India, petitioner has challenged the action of respondent/Punjab National Bank in trying to take physical possession of the secured asset, which is in possession of the petitioner.

(3.) Be it stated that for default in payment of the loan dues, respondent has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (briefly, the SARFAESI Act hereinafter) against the petitioner. Petitioner has filed securitization application under Sec. 17 of the SARFAESI Act before the Debts Recovery Tribunal-I, Hyderabad (Tribunal) which has been registered as S.A.No.277 of 2019. Petitioner has also filed an application seeking stay of all proceedings by the respondent, including taking over of physical possession of the secured asset through the AdvocateCommissioner. The said application has been registered as I.A.No.2855 of 2019.