Alok Fatehpuria Vs. Ths Authorised Officer of the Punjab National Bank and anr. - Court Judgment

Excerpt:
the court : mr. dutta, learned advocate representing the bank fairly submits that the bank was not aware of the death of purni debi fatehpuria on 8th april, 1975. the deed at page 24 of the petition, annexure p-3 therefore could not have conferred the bank any right to proceed against the petitioner under the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002. for the reasons assigned in the order dated 2nd may, 2008, the interim order passed earlier stands confirmed with the modification that possession of the two rooms which the bank had taken pursuant to proceedings initiated under the act shall be restored in favour of the petitioner. the proceedings initiated by the bank under the act shall not be proceeded with any further and all actions taken in connection therewith stands quashed. the writ petition stands allowed, without costs. this order, however, shall not preclude the bank to proceed against the borrower for realization of its dues in accordance with law. urgent photostat certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.

Judgment:
The Court : Mr. Dutta, learned Advocate representing the bank fairly submits that the bank was not aware of the death of Purni Debi Fatehpuria on 8th April, 1975.

The deed at page 24 of the petition, annexure P-3 therefore could not have conferred the bank any right to proceed against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

For the reasons assigned in the order dated 2nd May, 2008, the interim order passed earlier stands confirmed with the modification that possession of the two rooms which the bank had taken pursuant to proceedings initiated under the Act shall be restored in favour of the petitioner.

The proceedings initiated by the bank under the Act shall not be proceeded with any further and all actions taken in connection therewith stands quashed. The writ petition stands allowed, without costs. This order, however, shall not preclude the bank to proceed against the borrower for realization of its dues in accordance with law.

Urgent Photostat certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.