Allahabad High Court
Indian Bank,Branch Office,Sitapur ... vs M/S Khushali Agro Seeds Partnership ... on 25 July, 2023
Author: Rajnish Kumar
Bench: Rajnish Kumar
HIGH COURT OF JUDICATURE AT ALLAHABAD, LUCKNOW BENCH ?Neutral Citation No. - 2023:AHC-LKO:48835 Court No. - 6 Case :- MATTERS UNDER ARTICLE 227 No. - 3676 of 2023 Petitioner :- Indian Bank,Branch Office,Sitapur Thru. Its Authorized Officer And A.G.M. Manish Gurung Respondent :- M/S Khushali Agro Seeds Partnership Firm,Sitapur And 7 Others Counsel for Petitioner :- Rajanish Kumar Tiwari Hon'ble Rajnish Kumar,J.
1. Heard Shri Rajnish Kumar Tiwari, learned counsel for the petitioner.
2. This petition has been filed for a direction to Debts Recovery Tribunal for deciding the pending Securitization Application No.163 of 2020 (M/s Khushali Agro Seed and others Vs. India Bank) at an early date after hearing the parties.
3. Learned counsel for the petitioner submits that the application filed U/S 17(1) of the Securitizations and Reconstruction of Financial Assests and Enforcement of Security Interest Act, 2002 (hereinafter referred as to the SARFAESI Act) should be disposed of within a period of four months as per provisions made under Section 17(5) of the SARFAESI Act, but since the same has not been disposed of, therefore, the petitioner has approached this Court for a direction for disposal of the same within some stipulated period.
4. Sub-section 5 of Section 17 of the SARFAESI Act provides that any application made under sub-section (1) shall be dealt with by the Debts Recovery Tribunal as expeditiously as possible and disposed of within sixty days provided that the Debts Recovery Tribunal may, from time to time, extend the said period for reasons to be recorded in writing, so, however, that the total period of pendency of the application with the Debts Recovery Tribunal, shall not exceed four months from the date of making of such application.
5. Sub-section 6 of Section 17 of the SARFAESI Act provides that If the application is not disposed of by the Debts Recovery Tribunal within the period of four months as specified in sub-section (5), any party to the application may make an application, in such form as may be prescribed, to the Appellate Tribunal for directing the Debts Recovery Tribunal for expeditious disposal of the application pending before the Debts Recovery Tribunal and the Appellate Tribunal may, on such application, make an order for expeditious disposal of the pending application by the Debts Recovery Tribunal.
6. In view of above, the petitioner has an alternative and statutory remedy for a direction for expeditious disposal of the proceedings under sub-section 6 of Section 17 of the SARFAESI Act, which may be availed by the petitioner.
7. With the aforesaid, this petition is dismissed.
Order Date :- 25.7.2023 Ashutosh Pandey