(A) Securitisation and Reconstruction Assets of Financial and Enforcement of Security Interest Act, 2002 Section–13(4) and Rule–8 of Security Interest (Enforcement) demand Notice Rules, 2002–Symbolic possession–Quashing of Notice of possession qua the demised premises–
Jurisdiction and Applicability of SARFAESI proceedings–Binding of notification–NBFC issued demand notice of Rs.18,45,198/–Whether the financial company is justified in resorting to provisions of SARFAESI Act for recovery of the outstanding dues from the petitioners, when it is lower than the monetary threshold of Rs.20 Lacs–Held-No–Claim of the NBFC is less then threshold of Rs. 20 lacs, the proceedings initiated under the SARFAESI Act are not maintainable–That, once the NBFC seek to enforce the claim under the SARFAESI Act, as such, they are bound by the notification–Demand notice under Section 13(2) of the SARFAESI Act, are quashed and set aside–Petition allowed. (Paras 18&21)
(B) Constitution of India, 1950 Article–226 read with Section-13(4) Securitisation and Reconstruction Assets of Financial and Enforcement of Security Interest Act, 2002–Maintainability–Alternate remedy–Held–That, the when the questions of jurisdiction are raised to the maintainability of any proceedings or pure questions of law arise with respect to existence, exercise of power by any authority/Tribunal created under a statute, then alternate remedy is no bar and is rendered a mere technicality–proceedings initiated under the SARFAESI Act are not maintainable. (Paras 13&14)