In Brief
A bank customer who defaulted on a Rs 2.68 crore loan filed a criminal complaint against Canara Bank officers alleging the mortgaged property (valued over Rs 4 crores) was sold at an undervalued auction price of Rs 1.10 crores. The complainant had already challenged this through writ petitions and debt recovery tribunal proceedings, all dismissed. The Supreme Court quashed the criminal FIR, holding that SARFAESI Act provides a complete statutory framework for addressing bank auction irregularities. Criminal proceedings are inappropriate where specialized civil remedies exist; permitting them would allow police to re-examine decisions already made by courts and disrupt banking operations. The proper recourse is through DRT/DRAT, not criminal courts.">
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