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2016 (12) TMI 307 - HC - Indian LawsNotices under the provisions of SERFAESI Act challenged - prayer to direct the respondent Bank to release working capital in favour of the petitioner No.2. - Held that:- In view of the remedy available, this Court is not inclined to entertain the petition for the sole reason that petitioners have alternative statutory remedy available of preferring Appeal under Section 15 of the SERFAESI Act, 2002 before the Debt Recovery Tribunal. Section 17 of the Act, as amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, entitles an aggrieved person to prefer Appeal. It is trite that the High Court exercising jurisdiction under Article 226 of the Constitution would be loath to entertain the petition straightway when aggrieved person has got an alternative statutory remedy. The remedy before the Tribunal is not only statutory remedy available, it is efficacious remedy where the parties can lead evidence in support of their case. All the contentions which are sought to be raised in this petition by the petitioners could well be raised and agitated in the Appeal before the Tribunal. The matter is under commercial realm. In such cases, rule of availment of alternative statutory remedy has to be adhered to steadfast.
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