1 wp-8916-10.sxw dgm IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 8916 OF 2010 Shri Pradeep Kumr Athra Pullikar .... Petitioner vs 1 Tahsildar, Thane & 3 ors. .... Respondents Ms. A.P. Madhuri for the petitioner. Mr. P. G. Savant for respondents. Mr. Amir Arasiwala i/by Thakore Jariwala & Associates for respondent no.4-HDFC Bank. CORAM: DR.D.Y.CHANDRACHUD & ANOOP V. MOHTA, JJ. DATE : November 16, 2010 P.C.: An order has been passed under Section 14 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, “the Act”) on 15 January, 2008. This Court was moved under Article 226 of the Constitution on a notice issued by the Tahsildar, Thane on 15 October 2008 for enforcing the order dated 15 January, 2008. In view of the settled position in law, following the judgment of the Division Bench judgment in M/s. Trade Well, a Proprietorship Firm Mumbai & anr. vs. Indian Bank & anr.,1, the petitioner would have a remedy under Section 17 of the Act before the Debts Recovery Tribunal upon a measure being taken under Section 13(4) of the Act. 1 2007(3) AIR Bom. R. 656 (DB) 2 wp-8916-10.sxw The petitioner moved this proceeding without impleading the secured creditor. This is an abuse of the process of the Court. The secured creditor has now appeared in this proceeding in pursuance of a notice served by the Advocate for the petitioner. 2 In the circumstances, the petition shall stand disposed of with the following directions : (i) The secured creditor is, on the oral application of the petitioner, impleaded as the 4th respondent to this proceeding. The amendment shall be carried out forthwith; (ii)The secured creditor would be at liberty to take symbolic possession of the secured assets; (iii)Upon taking of a measure in the aforesaid terms under Section 13(4), the petitioner would be at liberty to take recourse to its remedies under Section 17 of the Act before the Debts Recovery Tribunal; (iv)Counsel appearing for the petitioner states that the petitioner is ready and willing to settle the dues of the secured creditor. In the event that a settlement is arrived, the parties shall thereupon take steps to resolve the dispute in accordance with the law; (v) In the meantime, the petitioner would not create any third party interest, alienate or part with the possession of the secured assets; (vi)The direction to the effect that the secured creditor shall take only symbolic possession shall remain in force for a period of four weeks from today and shall thereupon abide by the orders that may be passed by the 3 wp-8916-10.sxw Debts Recovery Tribunal. 3 The petition is disposed of in the above terms. No order as to costs. (ANOOP V. MOHTA, J.) ( DR.D. Y. CHANDRACHUD,J.)