Petitioners claiming ownership over the property, though they may be third party, would fall within the purview of being aggrieved or being affected by the action taken by the Bank under Section 17 of SARFAESI Act, 2002 – Vaibhav Bansal S/o Narayan Bansal & Others Vs. Edelweiss Asset Reconstruction Company Ltd. & Another – Madhya Pradesh High Court
December 27, 2021
The petitioners are purchasers from borrowers under a registered sale deed and are claiming ownership to the mortgaged property. Their stand is that fraud has been practiced upon them and property has been sold to them by the borrowers without disclosing the fact of the same having been mortgaged by them with the Bank. They have already initiated criminal proceedings against the borrowers. Since petitioners are claiming ownership over the property and order has been passed by the ADM under Section 14 of the Act, 2002 directing for physical possession of the property to be handed over, the Court held that we are prima facie of the opinion that the petitioners, though they may be third party, would fall within the purview of being aggrieved or being affected by the action taken by the Bank under the provisions of the Act, 2002 as has been held by the Hon'ble Supreme Court in the matter of Satyawati Tondon (2017) ibclaw.in 81 SC and Jagdish Singh (2017) ibclaw.in 38 SC.