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M/s. HOTEL GAUDAVAN PVT. LIMITED Versus ALCHEMIST ASSET RECONSTRUCTION CO. LTD. & ORS.

2015 (6) TMI 218 - RAJASTHAN HIGH COURT

Legality of the proceedings initiated under Section 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - petitioner is aggrieved by the measures adopted by the respondent-AARCL for enforcement of the security interest in terms of sub-section (4) of Section 13 of the Act - Held that:- As per provisions of sub-section (3) of Section 17, if the Tribunal after examining the facts and circumstances of the case and the evidence produced by the pa .....

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etitioner has already availed the remedy available under Section 17 of the Act before the Tribunal. - Present matter does not suggest any special feature warranting interference by this court in exercise of its extra ordinary jurisdiction under Article 226 of the Constitution of India, by passing the effective and efficacious statutory remedy available under the relevant statute. - Decided against appellant. - S.B.C.WRIT PETITION NO.1481/15 - Dated:- 19-3-2015 - MR. SANGEET LODHA, J. For The Pet .....

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f ₹ 24 crores to the petitioner. On account of failure on the part of the petitioner in payment of installments, the loan account was categorised as 'Non Performing Assets (NPA). The respondent-SBI approached the Debt Recovery Tribunal, Jaipur ( for short the Tribunal ) by way of original application for recovery of outstanding dues. During the pendency of the proceedings before the Tribunal, the respondent-SBI by way of an agreement entered into with the respondent no.1-Alchemist Asse .....

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ion 13 of the Act. 3. After issuing the notice under Section 13(2) & 13(4) of the Act, the respondent-AARCL made an application under Section 14 of the Act before the District Magistrate, Jaisalmer for taking over the possession of the secured asset and forward such asset to the secured creditor and authorise the Tehsildar/Police Officials to break open the locks if the premises is found locked and prepare inventory of the goods lying in the said property, after taking possession thereof. He .....

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tted that during the pendency of the proceedings before the Tribunal, the action of the respondent- Bank in taking possession of the secured asset, is ex facie illegal and arbitrary. 5. On the other hand, the counsel appearing on behalf of AARCL, the respondent-caveator, submitted that as a matter of fact, aggrieved by the measure adopted by the respondent- AARCL for enforcement of the security interest, the petitioner has already invoked the jurisdiction of the Tribunal under Section 17 of the .....

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bal and Ors. , (2013) 10 SCC, 83 and Devi Ispat Limited & Anr. vs. State Bank of India & Ors. , (2014) 5 SCC, 762. 6. I have considered the rival submissions and perused the material on record. 7. It is to be noticed that the order, if any, passed by the District Magistrate in the proceedings under Section 14 of the Act is not impugned in the present writ petition. Admittedly, the petitioner is aggrieved by the measures adopted by the respondent-AARCL for enforcement of the security inte .....

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