Punjab National Bank v. M/s Imperial Gift House

Punjab National Bank v. M/s Imperial Gift House

(Supreme Court Of India)

Civil Appeal No. 3563 Of 2009 (Special Leave Petition (Civil) No. 8766 Of 2008) | 14-05-2009

1. Leave granted.

2. Heard learned counsel for the parties.

3. 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"]. 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 theby 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 theand quashing the proceedings initiated by the bank.

4. Accordingly, the appeal is allowed, impugned order passed by the High Court is set aside and the writ petition filed before it is dismissed.

Advocate List
Bench
  • HON'BLE MR. JUSTICE B.N. AGRAWAL
  • HON'BLE MR. JUSTICE G.S. SINGHVI
  • HON'BLE DR. JUSTICE B.S. CHAUHAN
Eq Citations
  • (2013) 14 SCC 622
  • LQ/SC/2009/1294
Head Note

A. Company Law — Winding up and Liquidation — Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 — S. 132 — Notice under — High Court quashes notice issued under S. 132 of 2002 Act — Held, High Court was not justified in entertaining writ petition against notice issued under S. 132 of 2002 Act and quashing proceedings initiated by bank — Appeal against order of High Court allowed — Constitution of India, Art. 226 (Para 3) B. Company Law — Winding up and Liquidation — Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 — S. 133-A — Representation under — Rejection of — High Court quashing proceedings initiated by bank before any further action could be taken under S. 134 of 2002 Act — Impermissibility (Para 3)