SMITA Vs. BANK OF MAHARASHTRA
LAWS(DR)-2005-7-8
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on July 08,2005

Appellant
VERSUS
Respondents

JUDGEMENT

K.J.Paratwar, - (1.) THIS appeal (application) under Section 17 of the Securilisalion and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SRFAESI Act), relates to Plot No. 15, Nazul Sheet No. 39/D standing in the name of deceased Dilip Sampatlal Bore whose heirs have been aggrieved by the respondent's taking of possession (on 10.11.2004) under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SRFAESI Act).
(2.) By notice under Section 13(2) of SRFAESI Act, respondent called upon the applicants to pay Rs. 2,61,639/- with interest thereupon within two months failing which subsequent action under SRFAESI Act was threatened to be taken. The applicants gave reply/representation dated 11.3.2004 to the statutory notice and had pleaded ignorance about the transactions between the deceased and the Bank. The contention that the amount may be recovered from the borrower was also taken out. The Bank did not consider the representation and straightaway went out to take the possession as noted above, which has aggrieved the appellants.
(3.) THE respondent in the reply at Ex. 9 has resisted the application on the ground that the applicants are aware of the filing of the suit. It is contended that the necessary of considering the representation or objection submitted by the borrowers arose by amendment introducing Section 13(3A) which came into force on 11.11.2004 i.e. after the date of taking possession. It is stated that such reply was not given since not required before Apex Court's judgment Mardia Chemical's case. On the aforesaid grounds, the S.A. is sought to be dismissed.;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.