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2015 (9) TMI 451 - HC - Indian LawsValidity of notice u/s 13(2) and u/s 13(4) of the SARFAESI Act - right of the third party - Territorial Jurisdiction of Debt Recovery Tribunal (DRT) - secured creditor to take possession of the secured assets. - Held that:- this Writ Petition ex-facie was not maintainable. The petitioner throughout knew that the remedy of the petitioner to challenge any order in the Securitisation Appeal No.4 of 2012 was not to approach this Court directly. Further, even if the Presiding Officer of DRAT was not available, it is not as if urgent matters are not taken up by any other officer to whom the charge is handed over temporarily. Thirdly, if any genuine or bona fide borrower apprehended that his rights and remedies would be defeated, he would seek a limited protection from this Court and in order to enable him to avail of the alternate remedy. The reliefs that are sought from this Court were on the footing that a third party will be prejudicially affected in the event the possession is taken over and of the factory premises. If really the third party was in possession, all these facts could have been brought to the notice of the officials and while executing the notice or enforcing it, that third party could have and if genuinely apprehensive, pointed out to these officials and the Police machinery as well that it has nothing to do with the transactions between the bank and the borrower and are put in possession under a valid and legal document. Multiple proceedings for same relief were instituted at Pune and Mumbai before the DRTs. The Tribunal noted the undisputed facts that both the Securitisation Appeals are pending. They are pertaining to the same asset. The Pune Securitisation Appeal is filed by one Unnikrishnan Nambiar, Director and the present petition is filed by the company a juristic person. Thus, more or less same persons filed applications after applications to seek the same relief and on such conclusions equitable and discretionary reliefs were denied by the DRT. The petitioner's appeal / Securitisation Appeal No.4 of 2012 is pending and all this was known to the petitioner. Yet, after inducting a alleged third party in possession and to facilitate it, such collusive proceedings are brought before this Court. In the present circumstances really the protection given by this Court is completely misused and to institute multiple proceedings. Writ Petition dismissed with costs quantified at ₹ 50,000/- to be paid to the first respondent bank or its advocate - Decided against the petitioners.
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