9911796707
TMI Blog2015 (2) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... condonation of delay is allowed. Re : CAN 12578 of 2014 The appellant Bank has approached this Court against the judgment and order dated 25th August, 2014 whereby the sale notice dated 5th July, 2014 was quashed by the learned Single Judge. Ms. Rao, appearing for the Bank submitted that the symbolic possession having been taken, sale notice could not have been interfered with. Mr. Kali, appearing for the respondent/writ petitioner submits that in view of the ratio laid in Standard Chartered Bank Vs. V. Noble Kumar & Ors. reported in (2013) 9 SCC 620 the actual physical possession must be with the appellant bank prior to issuance of sale notice. Accordingly, no interference is called for. We have examined the issue raised before us. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of a secured asset is always a measure against which a remedy under Section 17 is available. 28. It can be noticed from the language of the proviso to Section 13 (3-A) and the language of Section 17 that an "appeal" under Section 17 is available to the borrower only after losing possession of the secured asset. The employment of the words "aggrieved by..... taken by the secured creditor" (emphasis supplied) in Section 17(1) clearly indicates the appeal under Section 17 is available to the borrower only after losing possession of the property. To set at naught any doubt regarding the interpretation of Section 17, the proviso to sub-section (3-A) of Section 13 makes it explicitly clear that either the reasons indicated for rejection of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor as under clause 36.2 (ii) above. 36.4 In any of the three situations above, after the possession is handed over to the secured creditor, the subsequent specified provisions of Rule 8 concerning the preservation, valuation and sale of the secured assets, and other subsequent rules from the Security Interest (Enforcement) Rules, 2002, shall apply." It is clear from the aforesaid declaration of law that only after possession is handed over to the secured creditor, the later is entitled to invoke Rule 8 of the Security Interest Enforcement Rules, 2002 and issue the sale notice. Admittedly in the instant case possession has not been handed over to the secured creditor in terms of paragraphs 36. 1 to 36.3 of Standard Chartered Bank Vs. V. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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