Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2012 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 1118 - HC - Indian LawsApplication of the petitioners for selling the mortgaged property under Section 13 (13) of SARFAESI Act - No writ would lie against a private Bank. However, where the Bank is a Scheduled Bank under Reserve Bank of India Act, 1934 and is governed by the provisions of Banking Regulation Act, 1949, it shall be amenable to writ jurisdiction of this Court where the Scheduled Bank takes recourse to the provisions of SARFAESI Act. In the present facts and circumstances after condoning the delay in depositing the amount, while allowing the writ petition, it is directed that in case, the petitioners deposit another sum of ₹ 50 lakhs in terms of the statement made by their counsel on 25.7.2012 within two months of receipt of a certified copy of this order, the OTS shall be implemented. It is further directed that the drafts deposited in pursuance to the order of this Court dated 10.2.2012 shall be returned to the petitioners, who after getting them revalidated, shall deposit the same with the bank within the aforesaid period for getting the OTS implemented.
|