SUSHIL KUMAR AGARWAL Vs. ALLAHABAD BANK

JUDGEMENT

(1.) THIS pertains to Miscellaneous Application No. 23/2003 filed under Sections 22(2)(h), 18 and 19(25) of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the action taken by the secured creditor Bank under Section 13 of SRFAESI Act, 2002.

(2.) Heard the parties and perused the relevant case papers.

(3.) UNDISPUTEDLY the secured creditor Bank has initiated action under the mandatory provisions of Securitisation Act, 2002 enacted by the Parliament. The provision of the aforesaid Act compares the secured creditor to issue such notice and to call upon the borrower to repay the outstanding loans. The Bank has been given further power to take over management and possession along with right to sale etc.