CWP-3180 IN THE HIGH COURT OF PUNJAB AND HARYANA M/s Malvina Developers Private Limited M/s IDBI Trusteeship Services Limited CORAM: Present: SHEEL NAGU, CHIEF JUSTICE CM-14440 CWP-3180 1. of the loan taken from assailed the notices 3180-2023 (O&M) IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP Date of decision : M/s Malvina Developers Private Limited Versus M/s IDBI Trusteeship Services Limited CORAM: HON'BLE MR. JUSTICE SHEEL NAGU, CHIEF JUSTICE HON'BLE MR. JUSTICE SANJIV BERRY Mr. Surjeet Bhadu, Advocate Ms. Sanya Thakur, Advocate, Mr. Amandeep Singh, Advocate, and Mr. Veer Singh, Advocate, for the petitioner. Ms. Divya Sharma, Advocate, (Through Video Conferencing) for respondent No.1. Mr. Akshay Bhan, Senior Advocate with Mr. Shaurya Khanna, Advocate, for respondent Nos. 2 and 3 **** SHEEL NAGU, CHIEF JUSTICE ( Oral ) 14440-CWP-2025 Annexures P-66 to P-69 are taken on record. Application stands allowed accordingly. 3180-2023 (O&M) The petitioner, who is allegedly a guarantor in the loan taken from respondent No assailed the notices u/s 13 (2) -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP-3180-2023 (O&M) Date of decision : 24.09.2025 M/s Malvina Developers Private Limited …….Petitioner M/s IDBI Trusteeship Services Limited and others ...….Respondent HON'BLE MR. JUSTICE SHEEL NAGU, CHIEF JUSTICE SANJIV BERRY , Advocate (Arguing counsel), Ms. Sanya Thakur, Advocate, Mr. Amandeep Singh, Advocate, and Mr. Veer Singh, Advocate, Ms. Divya Sharma, Advocate, (Through Video Conferencing) Akshay Bhan, Senior Advocate (Arguing counsel) with Mr. Shaurya Khanna, Advocate, respondent Nos. 2 and 3. ( Oral ) 69 are taken on record. Application stands allowed accordingly. , who is allegedly a guarantor in respect respondent Nos.2 and 3, has essentially u/s 13 (2) of the Securitisation and - .2025 ...….Respondents HON'BLE MR. JUSTICE SHEEL NAGU, CHIEF JUSTICE (Arguing counsel), respect essentially Securitisation and AJAY PRASHER 2025.09.29 12:25 I attest to the accuracy and integrity of this document CWP-3180-2023 (O&M) -2- Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short SARFAESI Act), on various grounds. 2. Learned counsel for the petitioner does not dispute vide CM-14440-CWP-2025 and Annexures P-66 & P-67 that the said notices u/s 13 (2) of the SARFAESI Act have since been withdrawn on 28.04.2023. 3. In view of the above, substantial cause of action seems to have, for the time being, extinguished and therefore, this Court declines to proceed in this matter and disposes of this petition without commenting on the merits of the case with liberty that in case, any coercive steps are taken against it under the SARFAESI Act, to approach the appropriate Forum under the said Act. 3.1 So far as the other cause of action, raised in this petition, is concerned, the petitioner is free to avail the alternative remedy in accordance with law. (SHEEL NAGU) CHIEF JUSTICE (SANJIV BERRY) September 24, 2025 JUDGE Ajay Prasher Whether speaking/reasoned : Yes/No Whether reportable : Yes/No AJAY PRASHER 2025.09.29 12:25 I attest to the accuracy and integrity of this document