Sanjeev Kumar And Others vs Fullerton India Credit Co Ltd
2024 Latest Caselaw 1790 P&H

Punjab-Haryana High Court

Sanjeev Kumar And Others vs Fullerton India Credit Co Ltd on 25 January, 2024

Author: Lisa Gill

Bench: Lisa Gill

                                                        Neutral Citation No:=2024:PHHC:010618-DB




                                                                   2024:PHHC:010618-DB

      IN THE HIGH COURT OF PUNJAB AND HARYANA AT
                     CHANDIGARH
246
                                             CWP-25962-2022(O&M)
                                             Date of decision: 25.01.2024

SANJEEV KUMAR AND OTHERS
                                                                     ...... Petitioners
                   V/S

FULLERTON INDIA CREDIT CO LTD
                                                                     ..... Respondents

CORAM : HON'BLE MRS. JUSTICE LISA GILL
        HON'BLE MS. JUSTICE AMARJOT BHATTI

Present:   Mr. Mayank Garg, Advocate for the petitioners.

        Mr. Kartik Khicher, Advocate for respondents.
               ****
LISA GILL, J.(Oral)

1. Prayer in this writ petition is for quashing demand notice dated

22.03.2022 (Annexure P-8) issued under Section 13(2) of Securitization

and Reconstruction of Financial Assets and Enforcement of Security

Interest Act (SARFAESI Act), 2002 Act and notice dated 29.07.2022 issued

under Section 13(4) of SARFAESI Act. It is prayed that physical

possession of secured asset be not taken by Financial Institution.

2. Availing of financial credit from respondent-Financial

Institution, financial indiscipline on the part of respondent, for reasons as

may and subsequent initiation of proceedings under SARFAESI Act by

respondent is a matter of record.

3. Relief claimed in this writ petition is qua Private Non Banking

Financial Company. Learned counsel for respondent while submitting that

apart from the fact that present writ petition is not entertainable in view of

judgment of Hon'ble the Supreme Court in Phoenix ARC Private Limited

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Neutral Citation No:=2024:PHHC:010618-DB

CWP-25962-2022(O&M) -2- 2024:PHHC:010618-DB

vs. Vishwa Bharati Vidya Mandir and others, 2022 (1) R.C.R. (Civil) 888

it has otherwise been rendered infructuous as petitioners did not deposit

amount in terms of order dated 11.04.2023. Consequently, possession of

property has since been taken.

4. Learned counsel for petitioners does not deny taking over

possession of secured asset in question pursuant to non-deposit of amount

in terms of order dated 11.04.2023 passed in this writ petition. In respect to

any other subsisting grievance petitioners admittedly have efficacious

remedies available to them with present writ petition not being

entertainable in terms of judgment of Hon'ble the Supreme Court in

Phoenix ARC Private Limited (Supra).

5. Keeping in view facts and circumstances of the matter, writ

petition is disposed of with liberty to petitioners to avail remedy(ies) as

may be available to them in accordance with law. There is no expression of

any opinion on merits of the matter.

6. Pending miscellaneous applications, if any, stand disposed of

accordingly.

(LISA GILL) JUDGE

(AMARJOT BHATTI ) JUDGE 25.01.2024 Sunil Devi Whether speaking/reasoned: Yes/No Whether reportable: Yes/No

Neutral Citation No:=2024:PHHC:010618-DB

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