2024 (8) TMI 194

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....f India has been filed by the Petitioners as a last resort to save the possession of the subject property in respect of which the Ld. Additional District Magistrate, Dewas has passed an order dated 22.08.2023 granting liberty to the respondent NBFC to move ahead with the the Respondent NBFC to move ahead with the procedures under section 14 and 14(1)(A) of the Act, 2002. Demand notice under section 13(2) of the Act, 2002 have been issued in sheer non compliance of provisions of SARFAESI Act, 2002. 2. The brief facts of the case are that, the Petitioners availed a Housing Loan of Rs. 20,88,722.00/- in the year 2017 and then with the consent of the Lender - Respondent No.2 sold half of the subject property. The Respondent No.2 financed the p....

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.... herein with the petition, the actions of the non-banking finance company i.e. Respondent No.2 is against the provisions of law and are null and void ab-initio. 6. Per contra, learned G.A. for State submitted that as per the judgment dated 23.11.2023 passed in W.P. No. 26176 of 2023, this Hon'ble Court has held that no opportunity of hearing to the borrower has to be given by the Additional Collector while adjudicating on an application filed under Section 14 of the SARFAESI Act, 2002 as well as the petitioners have an alternative remedy to file the Securitization application under Section 17 before the DRT. In catena of cases, it has been held that where there is an alternative efficacious remedy is present in such cases the High Cour....

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.... 6 SCC 450] , observing: (SCC p. 463, para 32) 32. When a position, in law, is well settled as a result of judicial pronouncement of this Court, it would amount to judicial impropriety to say the least, for the subordinate courts including the High Courts to ignore the settled decisions and then to pass a judicial order which is clearly contrary to the settled legal position. Such judicial adventurism cannot be permitted and we strongly deprecate the tendency of the subordinate courts in not applying the settled principles and in passing whimsical orders which necessarily has the effect of granting wrongful and unwarranted relief to one of the parties. It is time that this tendency stops.' 4. The writ petition, in this case, being....