Victim should be given possession of two-storey commercial building: Jammu and Kashmir High Court

Jammu . Union Territories of Jammu and Kashmir and Ladakh High Court in S.K. The landmark judgment in Bakshi v. Punjab National Bank (PNB) & Ors held that not only the petitioner is the actual entitled to the property auctioned by the bank under the SARFAESI Act and Rules and the possession of the property should be given to him by the authority.

The court of Justice Sindhu Sharma, S.K. While delivering the judgment on the writ petition of Bakshi v. PNB and others, it was held that the property has not been given to the petitioner despite paying a huge amount in the auction.

He said in his judgment that though physical possession of the property is not required to be taken prior to auction, the respondent cannot shirk his duty to hand over the possession of the property to the auction buyer.

He said normally after the sale is completed and the process of handing over the possession would be complete, but in this case the sale certificate specifically mentions that there is no objection to the property.

The court in its order said that it is the responsibility of the respondent (bank) to specify the matter relating to the property. which was within his knowledge and failing to do so, the respondent is bound to provide possession of the property to the petitioner.

The Court also said that in order to buy a secured asset, the third party should have a belief that he would get the possession of the asset at the earliest. If there is a delay in the transfer of property by way of ownership, the object of the Act which is for speedy realization will be defeated in its entirety.

After hearing Advocate Mandeep Reen, appearing for the petitioner, Advocate Parveen Kapahi, appearing for the respondent (Bank) and Sumir Pandita, counsel for the private respondents (Trespassers), the court directed that in view of the above hearing, the petition is accepted and the respondent (Bank) ) It is directed to hand over the possession of two storied commercial building constructed on the plot of shop site no.20.

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