Venkatachalapathy vs Authorised Officer
2021 Latest Caselaw 11091 Mad

                                                                                 W.P.No.8086 of 2021

                                    IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                DATED:       29.04.2021

                                                         CORAM :

                                   THE HON'BLE MR.SANJIB BANERJEE, CHIEF JUSTICE
                                                           AND
                               THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY
                                                    W.P.No.8086 of 2021

                     Venkatachalapathy                                      ..   Petitioner

                                                            Vs.

                     Authorised Officer
                     REPCO Bank
                     No.8, Thattara Street
                     Ariyalur 621 704                                       ..   Respondent


                     Prayer: Petition filed under Article 226 of the Constitution of India for
                     issuance of a Writ of Certiorari to call for the records relating to the
                     proceedings of the respondent dated 21.03.2020 under Section 13(4)
                     and       R8 of the Securitisation and Reconstruction of Financial Assets
                     and Enforcement of Security Interest Act, 2002 and the proceedings of
                     tender/public auction sale notice dated 10.02.2021 issued under Act
                     2002 read with proviso to Rule 8(6) of the Security Interest
                     (Enforcement) Rules, 2002 and quash the same.



                               For Petitioner   :       Mr.V.Illanchezian

                               For Respondent   :       Mr.A.Ilangovan




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https://www.mhc.tn.gov.in/judis/
                                                                              W.P.No.8086 of 2021

                                                         ORDER

(made by the Hon'ble Chief Justice)

The matter is covered by a judgment of this Court rendered on

March 3, 2021.

2. In such judgment, it has been held that REPCO Bank is not a

secured creditor within the meaning of the expression in the definition

Section of the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002. The judgment holds that

REPCO Bank cannot be regarded as a bank or as a financial institution

for it to be treated as a secured creditor under the relevant definition.

3. In such view of the matter, the writ petition has to be allowed

since the primary plank of attack in the present proceedings is the

invocation of the Act of 2002 by respondent REPCO Bank.

4. W.P.No.8086 of 2021 is disposed of by setting aside all steps

taken by REPCO Bank Ltd under the said Act of 2002 in respect of the

credit facilities accorded to the petitioner or any security that may

have been furnished by the petitioner. However, nothing in this order

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https://www.mhc.tn.gov.in/judis/ W.P.No.8086 of 2021

will prevent REPCO Bank from approaching an appropriate forum both

in respect of its money claim and in respect of any immovable property

that may have been secured in its favour.

5. There will be no order as to costs. Consequently, WMP

Nos.8634 and 8635 of 2021 are closed.

                                                             (S.B., CJ.)      (S.K.R., J.)
                                                                       29.04.2021

                     Index : yes/no
                     tar

                     To:

                     Authorised Officer
                     REPCO Bank
                     No.8, Thattara Street
                     Ariyalur 621 704.




                     __________

https://www.mhc.tn.gov.in/judis/ W.P.No.8086 of 2021

THE HON'BLE CHIEF JUSTICE AND SENTHILKUMAR RAMAMOORTHY, J.

(tar)

W.P.No.8086 of 2021

29.04.2021

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https://www.mhc.tn.gov.in/judis/