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NON-REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL ORIGINAL JURISDICTION

I.A. 2 OF 2014 IN

WRIT PETITION (C) No. 737 OF 2014 M/S M. WASEEQ CAFETARIA                     Petitioner(s)

                               VERSUS UNION OF INDIA & ANR.                       Respondent(s)

WITH I.A. 2 OF 2014 IN WRIT PETITION (C) No. 739 OF 2014

WITH I.A. 2 OF 2014 IN WRIT PETITION (C) No. 738 OF 2014

WITH I.A. 2 OF 2014   IN   WRIT PETITION (C) No. 740 OF 2014

J U D G M E  N T KURIAN, J. 1. The writ petitioners have challenged the steps taken  by  the  respondent-Bank  for  recovery  of  dues under the provisions of the SARFAESI Act.

2. In the nature of the order we propose to pass in these cases, it is not necessary for this Court, at this stage, to go into the validity of the amendment or the Notification issued thereafter.

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3. Admittedly, the only surviving grievance is with regard to the interest payable by the petitioners. This is the subject matter of an arbitration under the  provisions  of  the  Multi-State  Cooperative Societies Act, 2002.

4. The  Arbitrator  has  only  sought  for  one  more month's time to pass the final award.  Once the award is passed, the aggrieved party has a remedy, by way of Revision under Section 34 of the Act.

5. In that view of the matter, in the peculiar facts of these cases, it is not necessary at this stage for the respondent-Bank to continue the proceedings already initiated under the SARFAESI Act.  The Bank will take the required steps accordingly.   

6. Therefore, leaving all the contentions open, the Writ  Petitions  are  disposed  of,  directing  the Arbitrator to pass a final award within a period of one month from today.           

.......................J.               [ KURIAN JOSEPH ]  

.......................J.               [ A. M. KHANWILKAR ]  

New Delhi; February 10, 2017.