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TMI Blog2002 (10) TMI 418X X X X Extracts X X X X X X X X Extracts X X X X ..... le submission of Mr. Mukul Sinha, learned counsel of the petitioners, is that the Ordinance violates the provisions of Article 14 of the Constitution in as much as it does not provide any remedy to the aggrieved borrower against the action taken by the secured creditor under section 13 of the Ordinance. According to the learned counsel, the impugned Ordinance is liable to be struck down as arbitrary and unconstitutional. 4. Section 13 of the Ordinance provides that notwithstanding anything contained in section 69 or section 69A of the Transfer of Property Act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of Court or Tribunal, by such creditor in accordance wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m and the secured assets intended to be enforced by the secured creditor in the event of non-payment of secured debts by the borrower. 7. Section 17 of the Ordinance confers upon the borrower, aggrieved by any of the measures referred to in sub-section (4) of section 13 by the secured creditor or his authorised officer, right of appeal to the Debts Recovery Tribunal having jurisdiction in the matter, within forty-five days from the date on which such measures had been taken. However, the right of appeal has been circumscribed by the provisions of sub-section (2) of section 17 of the Ordinance, which provides that the appeal shall not be entertained by the Debts Recovery Tribunal unless the borrower has deposited with the Debts Recovery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nance, sufficiently and adequately take care of the interest of the borrower against the action taken against him by the secured creditor under section 13 of the Ordinance. In the opinion of the Court, the impugned Ordinance does not suffer from the vice of arbitrariness. It is not in dissonance with the provisions of Article 14 of the Constitution in any manner. 11. Otherwise also, admittedly, no notice has been received by the petitioners from their unidentified and undisclosed secured creditors. In the absence of any notice from the secured creditor to the petitioners, no cause of action can be said to have arisen for maintaining instant petition. The exercise of examining the validity of the Ordinance is merely academic, and an exer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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