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2015 (1) TMI 1484 - HC - Indian LawsCancellation of certain proceedings initiated for sale of the property in question through a private treaty entered into under Rule 8 of Security Interest (Enforcement) Rules, 2002 - whether the petitioner should be relegated to take recourse of the remedy available under under Section 17 and 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002? HELD THAT:- Even though Shri Shekhar Sharma, learned counsel for the petitioner has tried to emphasize that the remedy available under section 17 and 18 of the Act of 2002 is not a efficacious remedy, but we are of the considered view that as the action taken in the matter is nothing but one under Section 13 read with section 14 of the Act of 2002. There is a statutory remedy of appeal avalable under section 17 before the Debt Recovery Tribunal and thereafter further appeal to the Appellate Tribunal under section 18 , all the disputes between the parties arising out of these proceedings have to be agitated and resolved in these statutory proceedings and it is not appropriate for this court to exercise its extraordinary jurisdiction in these proceedings under Article 226 of the Constitution of India to interfere when a statutory Tribunal has jurisdiction to deal with the matter. Finding existence of statutory remedy of appeal, this petition stands dismissed.
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