WPMS/1869/2021
2021 Latest Caselaw 3673 UK

                   Office Notes, reports, orders
SL.                or proceedings or directions
          Date                                                      COURT'S OR JUDGES'S ORDERS
No                  and Registrar's order with
                           Signatures


      17.09.2021
                                                   WPMS No. 1869 of 2021
                                                   Hon'ble Sharad Kumar Sharma, J.

Mr. Piyush Garg, Advocate, for the petitioner.

Mr. Ajay Singh Bisht, Addl. CSC, for the State.

Mr. Ashish Joshi, Advocate, for respondent No. 2.

The challenge in the present writ petition given by the petitioner is to the impugned order dated 25.03.2021, which was passed by the District Magistrate, Tehri Garhwal, whereby, the application, which has been filed by the respondent/financial institution, for transfer of physical possession of the mortgaged property by invoking the provisions contained under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has been allowed.

The learned counsel for the petitioner contends that there had been a One Time Settlement (OTS), which has been entered into between the parties, but the OTS, as settled on 02.06.2021, was not adhered to, by the petitioner as its terms were not complied, and hence according to the contention of the learned counsel for the respondent, the terms of the OTS has lapsed.

Be that as it may. In the light of the judgment of the Hon'ble Apex Court, as rendered in 2021 (2) SCC 392, C. Bright Vs. District Collector and others, as against the action contemplated to be taken under Section 14, the remedy available to the petitioner would be, to approach the Debts Recovery Tribunal under Section 17 of the SARFAESI Act, 2002.

In view of the aforesaid, the writ petition is dismissed, with liberty left open for the petitioner to approach Debts Recovery Tribunal within a period of one month from today.

(Sharad Kumar Sharma, J.) 17.09.2021 Mahinder/