SARFAESI Act-Section 14
jayachandran
(Querist) 25 July 2010
This query is : Resolved
Without taking recourse to Sec.13(4)of SARFAESI Act, the financial institution has applied for warrant under Sec.14. The CJM also issued warrant. Since the warrant execution date expired, it could not be executed but however CJM validated the warrant and it is pending execution.
When Crl.Revision was filed before the High Court, it was rejected as not maintainable stating that an appeal to DRT. When appeal before DRT was filed, it was dismissed as not maintainable stating that only after taking possession, the aggreived party can come to DRT. When a petition under Sec.482 is filed before High Court, it is observed that for the proceedings under SARFAESI Act, Sec.482 petition not maintainable. It is learnt that Mumbai High Court Division Bench held that against Sec.14 order, no writ will lie. What is the remedy to the borrower.
Devajyoti Barman
(Expert) 25 July 2010
Did the borrower filed petition u/s 17 of the act before the drt on the ground of non compliance of the mandatory provisions. That should have the right step where the tribunal could stay the further proceeding of the case on the basis of which the cjm could also stayed or recalled the warrant. If the tribunal refused or refuses to pass the order of stay then you could or could have preferred appeal before the appellate tribunal.
s.subramanian
(Expert) 25 July 2010
you have to approach the drt under sec.17 and seek redressal.if you fail there approach the drat.after that only you can invoke art.226 by filing a writ in high court.
Yamalapalli Haribob
(Expert) 25 July 2010
you have to approach the drt and get stay orders by complaining the conditions to be imposed by drt.
