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SHRI SAI RUBBER PRODUCTS AND 2 Versus BANK OF BARODA

2016 (2) TMI 816 - GUJARAT HIGH COURT

Alternative statutory remedy of preferring appeal before the Tribunal - Held that:- The petitioners have got an alternative statutory remedy of preferring appeal before the Tribunal. The Tribunal has powers to pass interim as well as final order. It is therefore open to the petitioners to challenge notice dated 02.02.2016 by preferring appeal before the Tribunal. This Court is therefore not inclined to entertain this petition in exercise of writ jurisdiction.

For the above reasons, th .....

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tices dated 09.04.2015 and 02.02.2016 issued by the respondent Bank in the process of steps taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of its dues from the petitioners. It appears that on account of defaults committed by the petitioners in repaying the loan taken from the respondent Bank, ₹ 2,04,65,500/- with interest due has mounted to be payable to the Bank. 3. The aforesaid notice dated 09.04.2015 und .....

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were facing the period of financial crunch and were unable to pay. It is the case of the petitioners that they deposited certain amount towards the due amount. It was submitted that the Bank at one point of time did not proceed but once again, the Bank has taken out action against the petitioners by issuing impugned notice dated 02.02.2016. 5. Section 17 of the Act provides for appeal by the aggrieved person including borrower before the Debts Recovery Tribunal. In Authorised Officer, Indian Ove .....

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that the measures under Section 14 constitutes the action taken after the stage of Section 13(4) and a remedy of appeal under Section 17 would be available. In that case, refusal by the High Court to entertain. 5.1 In United Bank of India vs. Satyawati Tondon and Others [(2010) 8 SCC 11o], the Supreme Court observed thus, the High Court overlooked the settled law that the High Court will ordinarily not entertain a petition under Article 226 of the Constitution if an effective remedy is available .....

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not only contain comprehensive procedure for recovery of the dues but also envisage constitution of quasi judicial bodies for redressal of the grievance of any aggrieved person. Therefore, in all such cases, High Court must insist that before availing remedy under Article 226 of the Constitution, a person must exhaust the remedies available under the relevant statute. 5.1.1 Sounding caution, the Supreme Court observed further thus, ...despite repeated pronouncement of this Court, the High Court .....

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