Punjab National Bank
& ANR. Vs. M/S Imperial Gift House & Ors.  INSC 1074 (14 May
JURISDICTION CIVIL APPEAL NO.3563 OF 2009 (Arising out of S.L.P. (C) No.8766 of
2008) Punjab National Bank & Anr. ...Appellant(s) Versus M/s. Imperial Gift
House & Ors. ...Respondent(s) O R D E R Leave granted.
Heard learned counsel
for the parties.
By the impugned
order, in effect and substance, the High Court has quashed notice issued by the
bank under Section 13(2) of the Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002, [for short, "the
Act"]. Upon receipt of notice, respondents filed representation under
Section 13(3)(A) of the Act, which was rejected. Thereafter, before any further
action could be taken under Section 13(4) of the Act by the Bank, the writ
petition was filed before the High Court. In our view, the High Court was not
justified in entertaining the writ petition against the notice issued under
Section 13(2) of the Act and quashing the proceedings initiated by the bank.
appeal is allowed, impugned order passed by the High Court is set aside and the
writ petition filed before it is dismissed.
[DR. B.S. CHAUHAN]
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