(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) Issue NOTICE returnable on April 13, 2012.
Since the petitioner has prayed to declare Section 3(2), 3(3) and 10 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 as ultravires the Constitution of India, let NOTICE be issued upon the learned Attorney General of India.
After hearing the learned advocate for the petitioner and after taking into consideration the fact that the petitioner is the owner of the property against whom notice under section 13 (2) of the SARFAESI Act has been issued, we stay all further proceedings against the petitioner under the SARFAESI Act and at the same time restrain the present petitioner from transferring, alienating, or in any way dealing with the property in question till further order. As stated by the learned advocate for the petitioner, the petitioner shall give an undertaking before this Court within 7 days from today that he is the owner and is in possession of the property and has not yet transferred, and will not transfer the property to any third-party apart from the respondent-Bank. In default of filing such undertaking, the interim order will stand vacated after expiry of the above period.
We pass this interim order for a period of five weeks from today with liberty to the petitioner to apply for extension on the selfsame application after service of notice on the respondents.
The petitioner is at liberty to communicate this order to the concerned respondent forthwith.
Direct Service is permitted.
[BHASKAR BHATTACHARYA, ACTING C.J.] mathew [J.B.PARDIWALA. J.] Top