Smfg India Credit Company Ltd. ... vs Debts Recovery Tribunal Lko. Thru. ...
2024 Latest Caselaw 33207 ALL

Allahabad High Court

Smfg India Credit Company Ltd. ... vs Debts Recovery Tribunal Lko. Thru. ... on 1 October, 2024

Author: Alok Mathur

Bench: Alok Mathur

HIGH COURT OF JUDICATURE AT ALLAHABAD, LUCKNOW BENCH
 
 


?Neutral Citation No. - 2024:AHC-LKO:67968
 
Court No. - 7
 

 
Case :- WRIT - C No. - 8573 of 2024
 

 
Petitioner :- Smfg India Credit Company Ltd. (Formerly Fullerton) India Credit Co. Ltd. Thru Authorized Signatory
 
Respondent :- Debts Recovery Tribunal Lko. Thru. Registrar Lko. And 2 Others
 
Counsel for Petitioner :- Mr. Sidharth Dhaon,Priyanshi Singh,Shyam Kumar Ray
 

 
Hon'ble Alok Mathur,J.
 

1. Heard Sri Sidharth Dhaon, learned counsel for the petitioner.

2. By means of the present petition the petitioner has assailed order dated 14.1.2024 passed by Debts Recovery Tribunal, Lucknow (DRT in short) thereby allowing the application preferred by the borrower i.e. opposite party No.3.

3. This Court has considered the fact that the order has been passed by the DRT, a query was put to the petitioner as to why he should not be relegated to the remedy of appeal under Section 18 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 considering the judgment of Supreme Court in the case of United Bank of India vs. Satyawati Tandon and others, reported in (2010) 8 SCC 110.

4. Learned counsel for the petitioner fairly submits that the petitioner has an alternate remedy of appeal before Debts Recovery Tribunal and submits that in case the appeal is filed, the same may be directed to be considered and decided expeditiously.

5. Accordingly, this Court is of the considered opinion that the petitioner has efficacious and alternate remedy of appeal under Section 18 of the SARFAESI Act and in light of the judgment of Supreme Court in the case of Satyawati Tandon (Supra) the petitioner is relegated to his remedy of appeal.

6. It is provided that in case the appeal is filed within two weeks, the appellate authority shall consider and decide the same with expedition. It is further provided that if any application for interim relief is preferred by the petitioner, the same may be considered and decided within a period of six weeks after service of notice on the respondents in accordance with law and in case the application for interim relief cannot be decided, it shall be open for the petitioner to press ad-interim relief which the appellate authority shall consider and decide, in accordance with law.

7. With aforesaid observation and direction, the petition stands disposed of.

(Alok Mathur, J.)

Order Date :- 1.10.2024

RKM.