Bombay High Court
PANKAJ R. VERMAversusICICI BANK THROUGH AUTHORISED OFFICER AND ANR
- Decided
- Disposal
- Dismissed
Holding
The Court held that the petitioner’s statutory remedies under Sections 17 and 18 preclude the maintenance of the writ petition, and therefore dismissed the petition.
Summary
Petitioner Pankaj R. Verma filed a writ petition challenging a statutory notice issued by ICICI Bank under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, alleging it and the subsequent possession notice were illegal. The Court observed that the petitioner, as an aggrieved borrower, has specific remedies under Section 17 of the Act and can approach the appellate tribunal under Section 18, rendering the writ jurisdiction under Article 226 inappropriate. The respondent bank demonstrated that it had complied with the procedural requirements of Section 13(4) and Section 14, leading to possession, auction, and issuance of a sale certificate to the purchaser. Given the completion of these statutory steps, the Court found no basis to entertain the writ. Consequently, the petition was dismissed.
Issues considered
- Whether a writ petition under Article 226 is maintainable to challenge a notice issued under Section 13(2) of the Securitisation Act.
- Whether the petitioner has alternative statutory remedies under Sections 17 and 18 of the Securitisation Act that preclude the exercise of writ jurisdiction.
- Whether the possession and subsequent auction of the property complied with the procedural requirements of the Securitisation Act.
Legislation cited
- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 — s. 13(2), 13(4), 14, 17, 18
Subjects
- Article 226
- writ jurisdiction
- Securitisation Act
- statutory notice
- possession notice
- auction
- Section 13
- Section 17
- Section 18
- remedial provisions
Judgment
6_WP_1601_25.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION
WRIT PETITION NO. 1601 OF 2025
Pankaj R. Verma … Petitioner
vs.
ICICI Bank, Through authorised officer & anr. … Respondents
Mr. Nikhil Singh for petitioner.
Ms. Shyamli Hajela, i/b. H and M Legal Associates for respondent No.1-
bank.
Ms. M. S. Bane, AGP for respondent No.2-State.
CORAM : MANISH PITALE &
SHREERAM V. SHIRSAT, JJ
DATE : 28th JANUARY, 2026
P.C. :
. Heard learned counsel for the petitioner.
2. By this petition, the petitioner is seeking to challenge statutory
notice dated 14.05.2024 issued under Section 13(2) of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (Securitisation Act). It is
the case of the petitioner that the aforesaid notice and the
consequent possession notice are all bad in law, as he has a very
good case on merits.
3. We find that such aggrieved persons, in this case the borrower
himself, has sufficient remedy available under Section 17 of the
Securitisation Act and thereafter, to approach the appellate tribunal
under Section 18 thereof. In the face of such statutory remedies
available to the petitioner, there is no specific ground made out for
this Court to exercise writ jurisdiction under Article 226 of the
Constitution of India.
Digitally signed
by PRIYA
PRIYA KAMBLI
KAMBLI Date:
2026.01.29
10:48:13 +0530
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6_WP_1601_25.doc
4. In any case, the learned counsel for appearing for respondent
No.1-bank informs this Court that pursuant to the impugned notice,
further necessary steps under Section 13(4) of the Securitisation Act
and thereafter, approaching the Magistrate under Section 14 thereof,
were already undertaken. The possession was taken and the property
was put to auction. The auction purchaser has already deposited the
amount. The sale certificate is already issued and the auction
purchaser is very much in possession of the property.
5. In such a situation, there is no question of exercising writ
jurisdiction in favour of such petitioner.
6. The writ petition is dismissed.
(SHREERAM V. SHIRSAT, J.) (MANISH PITALE, J.)
Priya Kambli
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