VEERBHADRA SHETKARI SAHAKARI DAL PRAKRIYA SANSTHAN MARYADIT Vs. NANDED DISTRICT CENTRAL CO OPERATIVE BANK LTD
LAWS(DR)-2006-5-2
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on May 17,2006

Appellant
VERSUS
Respondents

JUDGEMENT

K.J.Paratwar,Incharge, - (1.) THIS Securitisation Application (S.A.) under Section 17 of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act (for short hereinafter shall be called as "The Act") pertains to the land bearing Survey No. 47, admeasuring 40 R., situated at Mukhcd, Taluka Mukhed, District Nanded, along with industrial shed, building, plant, machinery, etc.
(2.) By notice, dated 26.3.2004, under Section 13(2) of the Act, the respondent-Bank called upon the applicant to pay Rs. 99,07,084/- within sixty days. Since the payment was not made, possession of the above property was taken on 27.12.2005 under Section 13(4) of the Act. The grounds on which this application is filed are that after the Administrator was appointed by the Competent Authority, the control of the respondent-Bank vested in it and the powers vested in Officers Managers authorities by the erstwhile Board of the Bank, have automatically ceased. The contention is that notice under Section 13(2) of the Act was not duly served and even then the Bank proceeded to take possession under Section 13(4) of the Act. The notice is also said to be illegal. The other ground is that the possession notice as contemplated by Rule 8(2) of the Security Interest Rules was not published in two leading news papers. The other further ground is that no security interest was created in favour of the respondent-Bank.
(3.) VIDE reply/say, Exh. 7, the respondent-Bank controverted the above said contentions, It is contended that the mortgage deed was executed by the applicant creating security of the property. In reply to the service of notice under Section 13(2) of the Act, the contention is that the Chairman of the applicant initially signed the acknowledgement, but scratched it. The possession notice is said to be published in daily news paper-Prajavani, dated 29.12.2005.;


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