Shri. Nitin S/O Vijay Omprakash Agrawal v. Axis Bank, Thr. Authorized Officer, Mumbai

SMGate wp 224.2021.odt

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

NAGPUR BENCH : NAGPUR Writ Petition No. 224/2021 Shri Nitin S/o. Vijay Omprakash Agrawal

Versus

Axis Bank, Mumbai Office Notes, Office Memoranda of Court's or Judge's Order Coram, appearances, Court's Orders or directions and Registrar's order Shri Radhe Agrawal, Advocate for the Petitioner CORAM : NITIN JAMDAR AND ANIL S. KILOR, JJ.

DATED : 11 JANUARY 2021 Heard learned Counsel for the Petitioner.

The Petitioner has challenged the action of the Respondent taken under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the resultant sale of the property, which is stated to be scheduled today.

2.

Since, the Petitioner has a remedy to approach the Debt Recovery Tribunal under the provisions of the Act, it is not necessary for us to entertain the Writ Petition. As regards the sale of the

SMGate wp 224.2021.odt property is concerned, the Rules provide for depositing 25% of the amount by the purchaser at the time of sale and, thereafter time is stipulated for depositing remaining 75% of the amount, and thus sufficient time is available to the Petitioner to avail the alternate remedy of approaching the Tribunal.

3.

If the Petitioner files an application before the Debt Recovery Tribunal within a period of one week from today, sale, if executed, will be subject to outcome of such an application that the Petitioner would file in the Tribunal.

4.

Writ Petition is disposed of.

[ANIL S. KILOR, J.] [NITIN JAMDAR, J.]