Sarfaes- Criminal Complaint quashed

Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, Section 32 - Immunity from prosecution for action taken in good faith - That aspect of the matter is also an aspect which can be examined in the proceedings provided under the SARFAESI Act - Criminal proceeding would not be sustainable - Exposing the appellants even on  that count to the proceedings before the Investigating Officer or the criminal court would not be justified.    (2020-2)198 Punjab Law Reporter 021 

 

Criminal Procedure Code, 1973 (CrPC) – Section 482 – Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI) – Section 13(2)  - Petitioner-Loanee after dismissal of the application under section 17 of the Sarfaesi Act, before the DRT filed the impugned criminal complaint against the bank and its officers and the auction purchaser alleging that the sale of the mortgaged property has been carried out fraudulently for a much lower value in connivance with each other – The criminal complaint appears to be an intimidatory tactic and an afterthought which is an abuse of the process of law - Quashed. Held,  in the matter of present nature if the grievance as put forth is taken note and if the same is allowed to be agitated through a complaint filed at this point in time and if the investigation is allowed to continue it would amount to permitting the jurisdictional police to redo the process of Sarfaesi wherein application has been dismissed by the DRT, DRAT and the writ by the High Court and which would be in the nature of reviewing the order passed by the learned Single Judge and the Division Bench in the writ proceedings by the High Court and the orders passed by the competent Court under the SARFAESI Act which is neither desirable nor permissible and the banking system cannot be allowed to be held to ransom by such intimidation. Therefore, the present case is a fit case  wherein the extraordinary power is necessary to be invoked and exercised. (2020-2)198 Punjab Law Reporter 021 

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