Securitization Application Dismissed as Writ Petition Was Withdrawn Without Liberty

Bilal & Company And Others Vs Authorized Officer Jammu And Kashmir Bank Limited And Others (DRT Chandigarh) The case before the Debt Recovery Tribunal (DRT), Chandigarh involved a Securitization Application filed under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The applicants challenged recovery measures initiated by the authorized officer of Jammu and Kashmir Bank Limited. The bank had sanctioned credit facilities to the applicants, which remained unpaid. Consequently, the bank initiated SARFAESI p...