AI Structured Summary
Not yet generated for this judgment
No AI summary yet
Generate an eight-section analysis of this judgment — facts, issues, reasoning, ratio and a plain-language gist.
Judgment
5 paragraphs · 177 wordsPankaj Purohit, J
By means of this writ petition, the petitioner has challenged the order dated 27.07.2024 (annexure no.3), passed by respondent no.2, District Magistrate, Haridwar in purported exercise of power under The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 for taking possession of the property of the petitioner mortgaged for the loan taken by the petitioner from respondent nos.2 and 3.
It is case of the petitioner that the petitioner was given a loan by respondent no.3 of ₹13,00,000/- but she failed to make payment of the aforesaid loan and therefore proceedings against the petitioner was initiated under the SARFAESI Act, 2002 and accordingly the order dated 27.07.2024 (annexure no.3) was passed.
The petitioner has got a remedy to challenge the notice passed under Section 14 of the SARFAESI Act, 2002 by the District Magistrate, Udham Singh Nagar by filing a securitization application before the Debts Recovery Tribunal constituted under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993.
Accordingly, writ petition stands dismissed.