Mardia Chemicals Ltd. Etc. Etc vs U.O.I. & Ors. Etc. Etc on 8 April, 2004
While the learned counsel for the petitioner may be right in
contending that the provisions of Section 19 of the
CARD Act would be arbitrary if no remedy were available
to a borrower facing proceedings under the said provisions
to challenge the action of the Banks/Primary Credit
Societies, since it is clear that the petitioner can invoke the
provisions of Section 69 of the 1969 Act, I find that
Section 19 of the CARD Act cannot be challenged on any of
the grounds referred to above especially when similar
provisions in the SARFAESI Act have been held valid in
Mardia Chemicals (supra).