J. v. Mercantile (P) Ltd. VS State Bank of Bikaner and Jaipur
2008-06-18
MANMOHAN, MUKUL MUDGAL
body2008
DigiLaw.ai
JUDGMENT Mukul Mudgal, J. 1. The petitioners who are two in numbers have filed this writ petition against the respondent (State Bank of Bikaner and Jaipur) seeking quashing of tender notice (Annexure P-2) whereby the respondent intends to sell the property in question of the petitioners. 2. Mr. M.S. Saluja, Advocate for State Bank of Bikaner and Jaipur accepts notice of this petition on behalf of the respondent. 3. As per Annexure P-2 at page 25 of the Paper-book, there are two properties which the respondent intends to sell to realize its dues outstanding against the petitioners. One property is owned by the petitioner No. 1 and the second property is owned by the petitioner No. 2. Details of the properties are given at page No. 37 of the Paper Book. As far as the property owned by the petitioner No. 2 is concerned, there is 70% construction in the said property and the same, therefore, cannot be said to be agricultural land and is thus outside the purview of Section 31 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The respondent is entitled to sell the property owned by petitioner No. 2 for recovery of its dues. However, as far as property owned by petitioner No. 1 is concerned, no construction is shown to exist in the said property. The character of the property owned by petitioner No. 1 and mortgaged with the respondent, prima facie appears to be agricultural and no action with regard to the said property can, therefore be taken under Section 31 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Hence, respondent is restrained from selling the property owned by petitioner No. 1 till the next date of hearing. 4. The respondent is directed to file his reply to the petition, within 4 weeks. Rejoinder, if any be filed within two weeks thereafter. 5. List for hearing before the Roster Bench on 12.8.2008. Dasti.