Parvesh Gulati v. Jana Small Finance Bank And ANR

$~42 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ W.P.(C) 4737/2024 PARVESH GULATI ..... Petitioner Through:

Mr.

Rajeev Narayan, Advocate (Through VC) versus JANA SMALL FINANCE BANK AND ANR ..... Respondents Through:

None

CORAM:

HON'BLE THE ACTING CHIEF JUSTICE HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

O R D E R

% 02.04.2024 CM APPL. 19440/2024 (for exemption) Allowed, subject to all just exceptions.

Accordingly, the present application stands disposed of. W.P.(C) 4737/2024 1.

Present writ petition has been filed challenging the Order dated 21st February, 2024 passed by the DRT-I, New Delhi in SA 489/2023, whereby the application filed by the Petitioner seeking stay on auction of property being second floor of house no. 21, road no. 69, West Punjabi Bagh, Delhi110026 was dismissed. 2.

Learned counsel for the Petitioner states that the e-auction dated 21st February, 2024 has been conducted in an illegal manner to dispose of the property of the Petitioner at a throw-away price. He states that Respondent No. 1 was required to file all documentary evidence in support of its action. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 04/04/2024 at 12:07:38

He states that the authorized officer failed to get latest valuation report of the property in question before the alleged e-auction. According to him, the property is valued at Rs. 2 Crore but has been auctioned for Rs. 1.12 Crores. 3.

This Court is of the view that the appropriate remedy against the order passed by the DRT is to file an appeal before the DRAT under Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. Since the Petitioner has not approached the DRAT before filing the present writ petition, the same is not maintainable.

4.

At this stage, learned counsel for the Petitioner states that the appeal is not an efficacious remedy as the Petitioner has no money to pay for predeposit. 5.

This Court is of the view that the said plea needs to be examined by the DRAT and it is not open to the Petitioner to skip a 'step in the ladder'. Accordingly, the present writ petition is dismissed with liberty to Petitioner to file an appeal under Section 18 of SARFAESI before DRAT. This Court clarifies that it has not commented on the merits of the controversy. ACTING CHIEF JUSTICE MANMEET PRITAM SINGH ARORA, J APRIL 2, 2024/rhc The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 04/04/2024 at 12:07:38