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2016 (4) TMI 614 - GUJARAT HIGH COURT

2016 (4) TMI 614 - GUJARAT HIGH COURT - TMI - E-auction notice challenged - Held that:- Stage obtained in the process of auction by the respondent under the SARFAESI Act is a post-13(4) stage. The petitioner therefore has an alternative statutory remedy of filing an appeal under Section 17 of the Act before the Debts Recovery Tribunal. It is trite that in the matters involving commercial dispute, rule of alternative remedy is adhered to and applied steadfast. - Present petition is not entert .....

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r the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to recover its dues from the petitioner, has advertised sale of the mortgaged property. 3. It appears that the petitioner obtained project finance from the respondent, its account was declared as Non Performing Account (NPA) leading to piling up of dues to the extent of ₹ 94,82,350/-. Notice was issued under Section 13(2) of the Act which has culminated into the impugned notice under .....

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about the proposed auction; the petitioner was called upon and was required to clear the dues or come up with a buyer on its own so as to prevent auction of the mortgaged property. It appears that the petitioner did not respond and sat tight. 4.1 Under the auction notice, auction programme was notified. Actual auction has to take place on 29.03.2016. Last date for receiving the bids was 23.03.2016 upto 5.00 p.m. Evidently, therefore it is at the eleventh hour that the petitioner has approached .....

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1 In United Bank of India vs. Satyawati Tondon and Others [(2010) 8 SCC 110], the Supreme Court approved the approach of the High Court in not entertaining the petition and relegating the petitioner to the remedy under Section 17 of the Act. The Apex Court categorically 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 to the aggrieved person and that this .....

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