M K Stone - A Partnership Firm & 3 vs Dena Bank &

Having heard learned advocate Ms. Shivanji Rana for the petitioners, the Court is not inclined to entertain the present petition in view of position that the petitioners have a statutory alternative remedy available in form of preferring appeal under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 before the Debts Recovery Tribunal. Admittedly, the respondent Bank has in the process of taking actions under the SARFAESI Act to recover its dues, has travelled upto the stage of Section 13(4) and post Section 13(4) of the Act. Auction notice is issued whereunder mortgaged property is scheduled to be put up for auction on 21.05.2016.

2. Learned advocate for the petitioners submitted that though the Bank has taken possession, it was not, according to her, a regular taking of possession and the person who handed over the possession was not Page 1 of 2 HC-NIC Page 1 of 2 Created On Wed May 04 05:26:15 IST 2016 C/SCA/7172/2016 ORDER authorized to hand over the possession.

3. As the remedy before the Tribunal is available and the Tribunal is competent to pass interim as well as final orders dealing with all the aspects and the merits of the case of both the sides, all the contentions which may be available to the petitioners including above aspect are kept open to be agitated before the Tribunal.

4. Subject to the aforesaid, this petition is not entertained relegating the petitioners to the aforesaid statutory alternative remedy.

5. Not entertained as above.

(N.V.ANJARIA, J.) chandrashekhar Page 2 of 2 HC-NIC Page 2 of 2 Created On Wed May 04 05:26:15 IST 2016