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2020 (12) TMI 644 - HC - Insolvency and BankruptcyMaintainability of petition - availability of alternative remedy of appeal - sale of the properties offered by the petitioners towards guarantee - sum and substance of the case of the petitioners is that in view of the pendency of the proceedings before the National Company Law Tribunal, Amaravati Bench and in view of Section 14 of the said IBC, the 1st respondent herein cannot proceed with the sale of the properties offered by the petitioners towards guarantee - HELD THAT:- In view of the said alternative remedy available to the petitioners herein under the said provision of law, this Court is not inclined to entertain the present Writ Petition for the purpose of examining the validity of the proceedings initiated under the provisions of SARFAESI Act. This Court deems it proper to dispose of the Writ Petition, with a liberty to the petitioners herein to file an appropriate petition before the Debts Recovery Tribunal against the steps taken by the respondents under the provisions of the SARFAESI Act, within a period of two (02) weeks from the date of receipt of a copy of this order - Petition disposed off.
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