Wadakkanchery Silk Garden Private ... vs The Kerala State Co-Operative Bank Ltd on 24 May, 2023
10. The SARFAESI Act is a very harsh legislation 13. I have
held earlier in Vinu Thomas (supra) that under the provisions of
the SARFAESI Act, the bank/financial institution is the claimant, the
adjudicator and the executioner. Practically, the only remedy open to
a person aggrieved by the proceedings initiated by the bank is to
make an application to the Tribunal, having jurisdiction, under the
provisions of Section 17 of the SARFAESI Act. Considering the
drastic nature of the powers conferred on the banks/financial