Leave granted.
Heard learned counsel for the parties.
By the impugned order, in effect and substance, the High Court has
quashed notice issued by the bank under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,
[for short, “the Act”]. Upon receipt of notice, respondents filed representation under Section 13(3)(A) of the Act, which was rejected. Thereafter, before any further action
could be taken under Section 13(4) of the Act by the Bank, the writ petition was filed before the High Court. In our view, the High Court was not justified in entertaining
the writ petition against the notice issued under Section 13(2) of the Act and quashing the proceedings initiated by the bank.
Accordingly, the appeal is allowed, impugned order passed by the High Court is set aside and the writ petition filed before it is dismissed.
[DR. B.S. CHAUHAN] New Delhi, May 14, 2009.