Heard.  The only question expected to considered herein is whether the complaint is maintainable in the light of the provision under Section 37 read with Section 11 of Securitisation  and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

            The learned counsel for the complainant very vehemently argued that under Section 3 of Consumer Protection Act, 1986 the Forum has ample power to entertain the complaint.  On the other hand the impressive argument lodged by the learned counsel for the opposite party stressed on the point that Section 37 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is similar to that Section 3 of Consumer Protection Act on the one hand and latest on the other hand which naturally latest act prevails over the earlier Acts.  Section 37 reads thus “The provisions of this Act or the rules made thereunder shall be in addition to , and not in derogation of, the Companies Act, 1956 (10 of 1956), the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and Exchange Board of India Act 1992(15 of 1992) the Recovery of Debts Due to Banks and Financial Institutions Act 1993 (51 of 1993) or any other law for the time being in force”.  The Consumer Protection Act, 1986 is an act existing prior to the enforcement of Act 54 of 2002.  Hence there is no need of hesitation to hold that Section 37 bars the jurisdiction of the Forum in entertaining the complaint in the light of Section 11 of the above Act which reads thus :    “ Where any dispute relating to securitisation or reconstruction or non-payment of any amount due including interest arises amongst any of the parties, namely, the bank or financial institution or securitisation Company or reconstruction Company or qualified institutional buyer, such dispute shall be settled by Conciliation or arbitration as provided in the Arbitration and Conciliation Act, 1996 (26 of 1996), as if the parties to the dispute have consented in writing for determination of such dispute by conciliation or arbitration and the provisions of that Act shall apply accordingly”.  Hence we are of opinion that this Forum has no jurisdiction to entertain the complaint in hand since it is specifically barred by the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act.2002.  With this view discussed above the complaint in hand stands dismissed.  No order as to costs.

Dated this the 2^nd day of January, 2014.

Sd/-  President     Sd/- Member   Sd/-  Member

Forwarded by Order

Senior Superintendent