ORDER

(Passed on 16/2/2022)

Passed below Application of OP raising preliminary objection

The complainant availed cash credit loan facility for Rs.4,00,000/- (Four lac only) by morgaging house property of father as co owner. The complaint cash credit Limit is extended till December,2017 & the account become non payment Asset therefore the OP started recovery proceeding under securitization and Reconstruction of financial Asset & enforcement of security interest Act,2002. The Bank issued notice U/s 13(2) of the Act,2002. 

            The complaint submitted that the procedure & recovery of loan under the Act 2002 is unlawful & non renual of cash credit facility does amount to deficiency of service. Hence the complaint has merit in case. therefore the present application is not tenable.

             Admitted that the OP Bank started the recovery proceding under the Act,2002 and the complainant has right to file appeal or revision before appellate authority. There is no symulteneous proceeding on same cause of action is tenable before Forum. The complaint has right to approach before special recovery officer nominated under the Act,2002 by Bank or if aggrieved can approach before appellate authority. Hence the present petition has no merit about negligency of service and thereby claiming compensation. Hence application for dropping the proceeding by preliminary application to objection on the ground of tenability is allowed and case is disposed of.