{"id":236755,"date":"2020-10-05T12:30:45","date_gmt":"2020-10-05T07:00:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=236755"},"modified":"2020-10-09T11:04:17","modified_gmt":"2020-10-09T05:34:17","slug":"jhar-hc%e2%94%82-loan-by-financial-institutions-is-in-the-nature-of-public-money-writ-petition-not-maintainable-as-alternative-remedy-available-under-s-17-of-sarfaesi-act-if-aggrie","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/05\/jhar-hc%e2%94%82-loan-by-financial-institutions-is-in-the-nature-of-public-money-writ-petition-not-maintainable-as-alternative-remedy-available-under-s-17-of-sarfaesi-act-if-aggrie\/","title":{"rendered":"Jhar HC | Loan by financial institutions is in the nature of \u2018public money\u2019; Writ Petition not maintainable as alternative remedy available under S. 17 of SARFAESI Act if aggrieved due to action taken by \u2018State\u2019 under S. 13\/14 of the Act"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Jharkhand High Court: <\/strong>Rajesh Shankar, J. dismissed the petition on grounds of non-maintainability.<\/p>\n<p style=\"text-align: justify;\">The facts of the case are such that the petitioner took a loan to the tune of Rs 4, 25,000 from the respondent bank namely Allahabad Bank. Due to default in payment of money, a notice was issued under Section 13(2) of the Securitization and Reconstruction of Financial Assets &amp; Enforcement of Security Interest Act, 2002 [\u201cSARFAESI Act\u201d] to pay the outstanding amount of Rs 7, 89, 420 within 60 days from the date of the notice, failing which, the respondent-Bank will exercise the power conferred under Section 13(4) of the SARFAESI Act. There has been another notice dated 28-11-2019 issued for possession of her property by the Respondent Bank and cautioned the public in general to not deal with the property under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002 (\u201cRules, 2002\u201d) by the respondent 2. Aggrieved by the same, instant petition in the nature of certiorari has been filed to quash both the notices.<\/p>\n<p style=\"text-align: justify;\">Counsel for the petitioner Rajiv Nandan Prasad submitted that the petitioner is a disabled lady and also the owner of the property in question in one of the impugned notice, she took a loan and has already paid Rs 8, 00,000 inclusive of the interest but later a huge amount was spent on her treatment at Vellore and as such, she was not able to pay EMI of the said home loan due to which her loan account became irregular and was subsequently declared as N.P.A.<\/p>\n<p style=\"text-align: justify;\">Counsel for the respondent P.A.S. Pati raised an objection on grounds of maintainability as an alternative remedy under Section 17 of the SARFAESI Act is available.<\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>ISSUE 1: Availability of Alternative Remedy<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>\u00a0The Court relied on the judgment titled <em>United Bank of India v. Satyawati Tondon,<\/em>\u00a0<a href=\"http:\/\/www.scconline.com\/DocumentLink\/hEX6RY7x\">(2010) 8 SCC 110<\/a> which held:<\/p>\n<p style=\"text-align: justify;\"><strong><em>\u201cThe expression \u201cany person\u201d used in Section 17(1) is of wide import. It takes within its fold, not only the borrower but also the guarantor or any other person who may be affected by the action taken under Section 13(4) or Section 14. Both, the Tribunal and the Appellate Tribunal are empowered to pass interim orders under Sections 17 and 18 and are required to decide the matters within a fixed time schedule. It is thus evident that the remedies available to an aggrieved person under the SARFAESI Act are both expeditious and effective.\u201d<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><em>\u00a0<\/em>The Court also relied on the judgment titled <em>Standard Chartered Bank v. Noble Kumar, <\/em><a href=\"http:\/\/www.scconline.com\/DocumentLink\/htM4CX7I\">(2013) 9 SCC 620<\/a> which held:<\/p>\n<p style=\"text-align: justify;\"><strong><em>\u201cThe \u201cappeal\u201d under Section 17 is available to the borrower against any measure taken under Section 13(4).\u201d<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><em>\u201cWe are of the opinion that by whatever manner the secured creditor obtains possession either through the process contemplated under Section 14 or without resorting to such a process obtaining of the possession of a secured asset is always a measure against which a remedy under Section 17 is available.\u201d<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>ISSUE 2: Invoking Writ Jurisdiction in Matters relating to Realization of Loans<\/strong><\/p>\n<p style=\"text-align: justify;\">The Court relied on the judgment titled <em>Authorized Officer, State Bank of Travancore v. Mathew K.C<\/em>. <a href=\"http:\/\/www.scconline.com\/DocumentLink\/Cj8IG12F\">(2018) 3 SCC 85<\/a> which held :<\/p>\n<p style=\"text-align: justify;\"><strong><em>\u201cLoans by financial institutions are granted from public money generated at the tax payers expense. Such loan does not become the property of the person taking the loan, but retains its character of public money given in a fiduciary capacity as entrustment by the public. Timely repayment also ensures liquidity to facilitate loan to another in need, by circulation of the money and cannot be permitted to be blocked by frivolous litigation by those who can afford the luxury of the same.\u201d<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\">Taking into account the provisions of the SARFAESI Act and judicial pronouncements, the Court held the petition to be non-maintainable directing liberty to the petitioner to take recourse before the appropriate forum.<\/p>\n<p style=\"text-align: justify;\">In view of the above, petition stands dismissed. [Uma Pandey v. Allahabad Bank, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/61wdQq5f\"><b>2020 SCC OnLine Jhar 819<\/b><\/a>, decided on 18-06-2020]<\/p>\n<hr \/>\n<p><span style=\"color: #008000;\">Arunima Bose, Editorial Assistant has put this story together<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jharkhand High Court: Rajesh Shankar, J. dismissed the petition on grounds of non-maintainability. The facts of the case are such that the <\/p>\n","protected":false},"author":67011,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,10],"tags":[8991,43678,43680,30292,43679,31788,11421,41930],"class_list":["post-236755","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-highcourts","tag-appeal","tag-e-m-i","tag-financial-institutions","tag-loan","tag-n-p-a","tag-public-money","tag-sarfaesi-act","tag-tax-payers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jhar HC | Loan by financial institutions is in the nature of \u2018public money\u2019; Writ Petition not maintainable as alternative remedy available under S. 17 of SARFAESI Act if aggrieved due to action taken by \u2018State\u2019 under S. 13\/14 of the Act | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/05\/jhar-hc\u2502-loan-by-financial-institutions-is-in-the-nature-of-public-money-writ-petition-not-maintainable-as-alternative-remedy-available-under-s-17-of-sarfaesi-act-if-aggrie\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jhar HC | Loan by financial institutions is in the nature of \u2018public money\u2019; Writ Petition not maintainable as alternative remedy available under S. 17 of SARFAESI Act if aggrieved due to action taken by \u2018State\u2019 under S. 13\/14 of the Act\" \/>\n<meta property=\"og:description\" content=\"Jharkhand High Court: Rajesh Shankar, J. dismissed the petition on grounds of non-maintainability. 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Dias, J. disposed of a writ petition filed under Article 226 of the Constitution of India. The petitioner is the wife of one Senthil Kumar, accused under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The husband of the petitioner\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":322898,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/24\/whether-housing-finance-company-recover-loan-amount-less-than-%e2%82%b920-lakh-under-sarfaesi-act-mp-high-court-answers-scc-times\/","url_meta":{"origin":236755,"position":1},"title":"Whether Housing Finance Company can recover loan amount of less than \u20b920 lakh under SARFAESI Act? MP High Court answers","author":"Ritu","date":"May 24, 2024","format":false,"excerpt":"MP High Court held that the writ petition is maintainable due to the pure legal questions involved regarding the applicability of SARFAESI Act provisions to HFCs for amounts below the Rs. 20 Lakhs threshold.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Madhya Pradesh High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Madhya-Pradesh-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Madhya-Pradesh-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Madhya-Pradesh-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Madhya-Pradesh-High-Court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":240806,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/17\/ker-hc-sarfaesi-act-whether-the-state-has-better-right-in-comparison-to-banks-and-other-financial-institutions-over-secured-assets-for-recovery-of-its-dues-legal-position-reiterated\/","url_meta":{"origin":236755,"position":2},"title":"Ker HC | [SARFAESI Act] Whether the State has better right in comparison to Banks and other Financial Institutions over secured assets for recovery of its dues; legal position reiterated","author":"Editor","date":"December 17, 2020","format":false,"excerpt":"Kerala High Court: A.M. Badar J., allowing the present petition, quashes the attachment made by the State authorities to recover tax dues. Background Counsel appearing for the petitioner argued that for repayment of loan availed by its borrower, the property comprised in Mannanchery village was mortgaged by the borrower. As\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":242092,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/11\/ker-hc-no-bar-to-parallel-proceedings-under-sarfaesi-act-during-ongoing-corporate-insolvency-resolution-process-hc-reiterates\/","url_meta":{"origin":236755,"position":3},"title":"Ker HC | No bar to parallel proceedings under SARFAESI Act during ongoing Corporate Insolvency Resolution Process; HC reiterates","author":"Editor","date":"January 11, 2021","format":false,"excerpt":"Kerala High Court: A.M. Badar, J., while dismissing the present petition, reiterated the observations of the Supreme Court in the words, \u201cIn cases relating to recovery of the dues of banks, financial institutions and secured creditors, stay granted by the High Court would have a serious adverse impact on the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":185044,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/31\/courts-cautious-granting-ex-parte-interim-orders-financial-matters\/","url_meta":{"origin":236755,"position":4},"title":"Courts should be cautious in granting ex-parte interim orders in financial matters","author":"Prachi Bhardwaj","date":"January 31, 2018","format":false,"excerpt":"Supreme Court: Dealing with a matter under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the bench of RF Nariman and Navin Sinha, JJ said: \u201cIn financial matters grant of ex-parte interim orders can have a deleterious effect and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223740,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/01\/ker-hc-court-entertains-art-226-petition-for-last-and-final-indulgence-where-alternate-remedy-under-sarfaesi-act-available\/","url_meta":{"origin":236755,"position":5},"title":"Ker HC | Court entertains Art. 226 petition for last and final indulgence where alternate remedy under SARFAESI Act available","author":"Bhumika Indulia","date":"January 1, 2020","format":false,"excerpt":"Kerala High Court: Raja Vijayaraghavan V., J., disposed of this writ petition filed under Article 226 of the Constitution of India. The petitioner here is the accused in the suit filed under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner took a\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=236755"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236755\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=236755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=236755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=236755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}