Indian Kanoon - Search engine for Indian Law

iv) In Sundaram BNP Paribas Home Finance Limited Vs. Mir Ali and another reported in 2012 (2) CTC 209, in paragraph 15, a Hon'ble Division Bench of this Court, held as follows:

"15. In the light of the principles laid down by the Hon'ble Supreme Court, let us consider the present case. Appellant seeks prohibitory order against the Garnishee/employer of 1st Respondent from making any payment to the 1st Respondent. As pointed out earlier, as security for the loan, property has been mortgaged to the Appellant. On 23.09.2010, Appellant issued possession notice under Section 13(4) of SARFAESI Act read with Rule 8(1&2) of Security Interest (Enforcement) Rules, 2002 and taken symbolic possession of the said property. Appellant has thus initiated action under Securitization Act to realise the loan amount by proceeding against the security. When the Appellant has proceeded against the mortgaged property offered as security, Appellant is not justified in invoking Section 9 of Arbitration and Conciliation Act. That apart Appellant has sought for pro-order prohibiting the garnishee from making the payment to the tune of Rs.46,83,533/-. If such huge amount of Rs.46,83,533/-is to be attached, virtually, 1st Respondent will be left with no amount for sustenance. As per Section 60(1)(ia) of C.P.C., only one-third of take home salary could be attached. Appellant is not at all justified in seeking pro-order prohibiting from making payment of Rs.46,83,533/-"