BHASKARA ACHARYA Vs. BANK OF INDIA

JUDGEMENT

(1.) THIS appeal is directed as against the order dated 23.3.2006 in ASA-31/2006 passed by the DRT, Bangalore.

(2.) The appellant had borrowed a loan payable over a period of 180 months. Though the appellant had repaid some amount, he was not able to pay the instalments in time. Hence the Bank had issued a demand notice under Section 13(2) of the SRFAESI Act on 15.11.2003, and taken possession of the property on 14.12.2004 and a sale notice was issued on 24.11.2005, and the sale was held on 13.2.2006, and sale certificate was also issued on 27.2.2006 As against the measures taken by the respondent Bank the appellant preferred an application/ appeal before the DRT, Bangalore, in ASA-31/2006 questioning the validity of the measures taken by the Authorised Officer and his application was dismissed aggrieved by the same, this appeal has been filed.

(3.) THE appellant's contention is that the provisions of the SRFAESI Act, has no application on the ground that the loan was advanced in the year 2001 i.e. prior to the passing of the SRFAESI Act, but whereas the Act came onto force only on 21.6.2002 and the Act is not retrospective and the action taken is invalid. Before proceeding to consider the other grounds of the appeal, I wish to take up the objections raised with regard to the applicability of the SRFAESI Act.