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2014 (4) TMI 1183 - SC - Indian LawsEnforcement of security interest - enhancement of credit limit - Held that:- Firstly, Devi Ispat had an alternate remedy to make a representation to the Bank under the provisions of Section 13(3A) of the Act and there was no reason to by-pass the statutory mechanism. Secondly, Devi Ispat did in fact make a representation to the Bank under Section 13(3A) of the SARFAESI Act and that representation was rejected on 2nd April 2013 during the pendency of the intra court appeal. The statutory remedy having been availed of by Devi Ispat, nothing really survived in the dispute raised. Thirdly, we now find from the written submissions submitted by the Bank that it has taken possession of the secured assets of Devi Ispat on 25th May 2013 and 27th May 2013 under the provisions of Section 13(4) of the SARFAESI Act and a possession notice has also published in the newspapers on 31st May 2013. On the facts on record and the statutory remedy having been availed of, we see no reason to interfere with the impugned order passed by the Calcutta High Court. However, it is left open to Devi Ispat to take such appropriate steps as may be considered necessary for safeguarding its interests.
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