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2016 (4) TMI 222 - GUJARAT HIGH COURT

2016 (4) TMI 222 - GUJARAT HIGH COURT - TMI - Notice under SARFAESI Act - Held that:- At the stage of measures under Section 13(4) and/or the stage post-Section 13(4) of the SARFAESI Act, the remedy of appeal before the Debts Recovery Tribunal under Section 17 of the Act is available to the borrower. Since the statutory alternative remedy is available with the petitioners, this Court is not inclined to entertain this petition. It is trite that in the commercial matters, alternative remedy has to .....

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i Kapadia for the petitioners and learned advocate Mr. Vivek Gupta appearing for the respondent Bank. 2. The challenge in this petition is directed against notice dated 06.06.2015 under Section 13(4) issued to the petitioners under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 3. In respect of the financial assistance taken by the petitioners from City Financial Consumer Finance India Ltd., the respondent Bank as assignee of the debt ha .....

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ent dates that the Bank and the petitioners have been exploring settlement. 2. Notice to the Bank returnable on 29th March, 2016. 3. The Bank shall state and confirm about the statement of settlement made by learned advocate for the petitioners on the returnable date. 4. The petitioners shall serve the respondent Bank with direct service which is permitted today. 5. It is clarified that there is no stay operating in the matter. 4.1 Pursuant to aforesaid order, learned advocate for the respondent .....

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. Taking of symbolic possession by drawing panchnama and pasting notice on the property in question was not disputed. 5.1 At the stage of measures under Section 13(4) and/or the stage post-Section 13(4) of the SARFAESI Act, the remedy of appeal before the Debts Recovery Tribunal under Section 17 of the Act is available to the borrower. Since the statutory alternative remedy is available with the petitioners, this Court is not inclined to entertain this petition. It is trite that in the commercia .....

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