Rakesh Kumar Bhanot & ANR v. Asset Reconstruction Co Ltd & ANR

IN THE HIGH COURT OF PUNJAB AND HARYANA

AT CHANDIGARH CWP No. 16228 of 2016 Decided on : 07.09.2016 Rakesh Kumar Bhanot and another . . . Petitioners

Versus

Asset Reconstruction Co. (Bank) Ltd. and another . . . Respondents CORAM: HON'BLE MR. JUSTICE AJAY KUMAR MITTAL HON'BLE MR. JUSTICE RAMENDRA JAIN PRESENT: Mr. Aalok Jagga, Advocate for the petitioners.

**** AJAY KUMAR MITTAL, J. (Oral) The petitioners have approached this Court under Articles 226/227 of the Constitution of India, seeking quashing of order dated 14.07.2016 (Annexure P-12), passed by DRT-II, Chandigarh in SA No. 344 of 2011.

2.

It was not disputed by the learned counsel for the petitioners that the order impugned herein i.e. Annexure P-12 is an appealable order under Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( in short 'the Act'), before the Debts Recovery (Appellate) Tribunal. 3.

Section 18 of the Act reads thus:- "18. Appeal to Appellate Tribunal

(1) Any person aggrieved, by any order made by the Debts Recovery Tribunal under section 17, may prefer an appeal alongwith such fee, as may be prescribed to the Appellate Tribunal within thirty days from the date of receipt of the order of Debts Recovery Tribunal:

PROVIDED that different fees may be prescribed for filing an appeal by the borrower or by the person other than the borrower:

PROVIDED FURTHER that no appeal shall be entertained unless the borrower has deposited with the Appellate Tribunal fifty per cent. of the amount of debt due Jawala Ram 2016.09.12 11:32 I attest to the accuracy and authenticity of this document Chandigarh

CWP No. 16228 of 2016 [ 2 ] from him, as claimed by the secured creditors or determined by the Debts Recovery Tribunal, whichever is less: PROVIDED ALSO that the Appellate Tribunal may, for the reasons to be recorded in writing, reduce the amount to not less than twenty-five per cent. of debt referred to in the second proviso.

(2) Save as otherwise provided in this Act, the Appellate Tribunal shall, as far as may be, dispose of the appeal in accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) and rules made thereunder."

4.

In view of the above, we dispose of the present writ petition by relegating the petitioners to approach the Debts Recovery (Appellate) Tribunal under Section 18 of the Act, in accordance with law. (AJAY KUMAR MITTAL) JUDGE (RAMENDRA JAIN) September 07, 2016 JUDGE J.Ram Whether speaking/reasoned:

Yes/No Whether Reportable:

Yes/No Jawala Ram 2016.09.12 11:32 I attest to the accuracy and authenticity of this document Chandigarh