2005 (1) TMI 413

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..... on challenging Exts. P4 and P7. Ext. P4 is a notice issued to the petitioner by the respondent Bank under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. To Ext. P4 the petitioner filed Ext. P5 dated 16-11-2004. Ext. P6 is a notice issued by the Bank referring to the representation given by the petitioner whereunder it is i .....

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..... eard learned counsel for the petitioner and the Bank. Learned counsel contended that the Bank has obtained a decree and has filed Execution Petition. It is stated that there is no power to proceed against the petitioner. Then it is further submitted that the power given to the Bank is not analogous to the power given to the State Financial Corporation and the Bank is bound to act under section 14. .....

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..... nce as provided in section 14 of the Act. It cannot be accepted as an inexorable rule that in all cases the Bank shall be compelled to take recourse to section 14 of the Act. No doubt it enables the Bank to seek assistance as provided in section 14 of the Act if the facts of the given case so warrant. Apparently section 14 is enacted to ensure that the financial institution does not forcibly dispo .....

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