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2007 (10) TMI 409 - HIGH COURT OF CALCUTTAMandamus appeal - secured creditor action - Held that:- As huge amount of money is due and payable and, in such circumstances, the act on the part of the secured creditor cannot be said to be without jurisdiction so as to maintain a writ application without availing of the statutory remedy contained in section 17 of the Securitisation Act of section 25 of the SICA. We further had substance in the contention of the learned counsel for the secured creditors that the two banks mentioned above being the sole secured creditors as would appear from the balance-sheet of the writ petitioners which they annexed to the stay application, the proviso to section 15 of the SICA was clearly attracted, inasmuch as they invoked the full amount of the secured loan of the debtor. Therefore, we find no reason to interfere with the order passed by the learned single judge. Thus mandamus-appeal, thus, is devoid of any substance and is dismissed accordingly.
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