2017 INSC 0135
                                    SUPREME COURT OF INDIA

                                            M.Waseeq Cafetaria

                                                      Vs.

                                               Union of India

                                        WP(Civil)No.737 of 2014

                               (Kurian Joseph and A.M.khanwilkar,JJ.,)

                                                 10.02.2017

                                                JUDGMENT

Kurian Joseph,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.

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 onemore months 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.

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