IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO.3563 OF 2009 (Arising out of S.L.P. (C) No.8766 of 2008)

Punjab National Bank & Anr.        ...Appellant(s)

Versus

M/s. Imperial Gift House & Ors.       ...Respondent(s)

O  R  D  E  R

Leave granted.

Heard learned counsel for the parties. By  the  impugned  order,  in  effect  and  substance,  the  High  Court  has  

quashed  notice  issued  by  the  bank  under  Section  13(2)  of  the  Securitization  and  Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,  

[for short, “the Act”].  Upon receipt of notice, respondents filed representation under  Section 13(3)(A) of the Act, which was rejected.  Thereafter, before any further action  

could be taken under Section 13(4) of the Act by the Bank, the writ petition was filed  before the High Court.  In our view, the High Court was not justified in entertaining  

the writ petition against the notice issued under Section 13(2) of the Act and quashing  the proceedings initiated by the bank.

Accordingly,  the appeal is  allowed, impugned order passed by the High  Court is set aside and the writ petition filed before it is dismissed.

......................J.       [B.N. AGRAWAL]

......................J.       [G.S. SINGHVI]

*

......................J.       [DR. B.S. CHAUHAN]

New Delhi, May 14, 2009.