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37 The learned Senior Counsel appearing for the parties have read and referred various provisions of SARFAESI Act and Rules made thereunder, and various common judgments and separate judgments in respect of their contentions, based upon the common facts but from their point of view.

Common Reasons Scheme and object of the Act:-

38 The SARFAESI Act is a complete code, which regulates the securitisation and reconstruction of financial assets and provides the provisions of enforcement of security interest and all related provisions. It provides for separate and independent Tribunal (DRT) 65 (2010) 1 SCC 234 66 AIR 1951 SC 280 67 (1985) Supp. SCC 611 68 AIR 1956 SC 1734 ssm 66 wp222.15gp-judgment-2.4.16.sxw and Appellate Tribunal (DRAT) with all requisite powers, which are necessary to adjudicate the claims and disputes, without intervention of Court, so that the recovery of defaulting loans and/or non- performing assets of banks and financial institutions can be enforced through the mechanism and the method so prescribed, specifically under the SARFAESI Act and the Rules made thereunder. The provision is also made for the security of interest, for taking possession of the security assets and/or to take over the Management for following the due measures, so prescribed. Provisions are also made, considering the right to Appeal by the borrower and/or by the financial institutions and accordingly the Appellate Tribunal is empowered to deal with the Application so filed by the aggrieved party, considering the scheme and purpose of the Act. The power to grant stay/interim relief is also provided. Right of power to receive compensation and/or cost is also provided. It is also made clear that the provision of SARFAESI Act shall not apply to certain cases, including, "to any security interest created in agricultural land". There is clear provision whereby, the Civil Court debarred from entertaining any suit and proceedings in respect of the matters, which DRT and/or DRAT is empowered to determine. It is specifically debarred the Civil Court or other Authority, not to grant injunction in respect of any action taken or to be taken in pursuance of any power conferred under this Act and/or under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, (for short, "the RDDBFI Act"). The provisions are also made that the SARFAESI Act shall have effect, notwithstanding inconsistence therewith under any another law for the time being in enforce or instrument having effected by virtue ssm 67 wp222.15gp-judgment-2.4.16.sxw of any such law. The provisions of SARFAESI Act or Rules made thereunder, are in addition to and not in derogation of Companies Act, 1956 the Securities Contracts (Regulation), Act-1956, the Securities and Exchange Board of India Act, 1992, the RDDBFI Act and/or any other law for the time being in force. It is also made clear that for enforcement of security interest, notwithstanding anything contained in Section 69 or Section 69A of the TP Act, any security interest created in favour of any secured creditors, may be enforced without the intervention of the Court or Tribunal of such creditors, in accordance with the provisions of SARFAESI Act.