LAWS(PAT)-2011-8-208

SUBHASH CHANDRA AGRAWAL Vs. CANARA BANK

Decided On August 01, 2011
SUBHASH CHANDRA AGRAWAL Appellant
V/S
CANARA BANK Respondents

JUDGEMENT

(1.) Heard learned counsel appearing on behalf of the parties.

(2.) The writ petition has been filed for quashing the notice dated 15.1.2010 issued by the respondent Bank in purported exercise of powers under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act') for realization of an amount of Rs.4,42,150.64 from the petitioner and for restraining the respondent Bank from taking any action under section 13(4) of 'the SARFAESI Act.

(3.) This matter was taken up on 16.3.2010 when this court, while allowing the respondent bank to seek instructions and file counter affidavit, had restrained the respondent Bank from taking any coercive action against the petitioner or the assets of his guarantor.