2005 (7) TMI 365

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.... 1. The petitioner seeks review of an interim order passed by me during vacation sitting. The review petition seeks to quash the proceedings initiated by the 2nd respondent-Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('the Securitisation Act') for taking over the residential property of the petitioner. The i....

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....8 from being proceeded against under the Securitisation Act, the second point raised by counsel was based on section 17 of the Securitisation Act which provides for appeals to the Debts Recovery Tribunal constituted under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (Recovery of Debts Act) by persons aggrieved by the measures taken under sub-section (4) of section 13 of ....

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....The provisions of this Act shall not apply to -. . . . (g) any properties not liable to attachment (excluding the properties specifically charged with the debt recoverable under this Act) or sale under the first proviso to sub-section (1) of section 60 of the Code of Civil Procedure, 1908 (5 of 1908);" [Emphasis supplied] Admittedly, the residential property of the petitioner is mortgaged in....

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....able under a decree or order of any civil court or any arbitration award or otherwise or under a mortgage and subsisting on, and legally recoverable on, the date of the application;" There is no provision in the Securitisation Act corresponding to section 1(4) of the Recovery of Debts Act which provides that the Debts Recovery Tribunal is concerned only with debts exceeding ten lakh rupees. How....