SARVESH BANSAL & ANR Vs. UNION OF INDIA & ORS

Supreme Court of India (Division Bench (DB)- Two Judge)

Writ Petition (Civil), 61 of 2011, Judgment Date: Feb 03, 2015

                                                              NON-REPORTABLE

                        IN THE SUPREME COURT OF INDIA
                         CIVIL ORIGINAL JURISDICTION

                        WRIT PETITION (C) NO.61 OF 2011


          MR. SARVESH BANSAL & ANR.                   ...   PETITIONERS

                                       VS.

         UNION OF INDIA & ORS.                        ...   RESPONDENTS



                          J U D G M E N T

Heard the learned counsel.
The only prayer made in this petition  is  that  initiation  of  proceedings
under  the  Securitization  and  Reconstruction  of  Financial  Assets   and
Enforcement  of  Security  Interest  Act,  2002   ('SARFAESI   Act'),   more
particularly by a notice dated 2nd June, 2004, issued  under  Section  13(2)
of the Act by  the  respondent-Bank,  namely,  Rupee  Co-op  Bank  Ltd.,  be
quashed.
In pursuance of the instructions  received  from  his  client,  Mr.  Shekhar
Naphade, learned senior counsel appearing  for  the  respondent  -  creditor
Bank has submitted that the aforestated notice issued to the petitioners  is
withdrawn, as the respondent-Bank would like to execute the  Award  made  in
favour of the respondent-Bank.

In view of the aforestated development in the matter, in  our  opinion,  the
grievance ventilated in the petition does not survive  and,  therefore,  the
petition is dismissed with no order as to costs.
Rule is discharged.
The ad-interim relief which had been granted earlier shall stand vacated.
                                                            ..............J.
                                                              [ANIL R. DAVE]

                                                            ..............J.
                                                             [KURIAN JOSEPH]
 New Delhi;
      February 03, 2015.