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2016 (12) TMI 364

way when aggrieved person has got an alternative statutory remedy. The remedy before the Tribunal is not only statutory remedy available, it is efficacious remedy where the parties can lead evidence in support of their case. All the contentions which are sought to be raised in this petition by the petitioners could well be raised and agitated in the Appeal before the Tribunal. The matter in commercial realm. In such cases, rule of availment of alternative statutory remedy has to be adhered to steadfast. - This petition is not entertained and is hereby dismissed. It is clarified that this Court has not gone into the merits of the case of the petitioners. It will be open for the petitioners to raise all the contentions and prayers before .....

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ecause of non-payment of the amount by the petitioners, Arbitrator was appointed on 16th October, 2008 who passed award on 29th June, 2009. Execution Petition No.49 of 2010 came to be filed before the District Court, Surat to get the Arbitrator's award executed. In the meantime, the third respondent lender assigned the mortgaged loan to the fourth respondent-Kotak Mahindra Bank and same was communicated to the petitioner by letter dated 12th November, 2012. 4. learned advocate for the petitioner assailed the impugned notice on the ground that Arbitrator has passed the award and execution proceedings in respect thereof was pending, taking action by the fourth respondent-Kotak Mahindra Bank under the SERFAESI Act would not be permissible .....

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he arbitration award, the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SERFAESI Act) have independent operation and could be validly adverted to by the Kotak Mahindra Bank seeking to recover due amount from the petitioner. 5.1 As noted above, steps by respondent No.4 Bank under the SERFAESI Act reached at the stage of Section 13(4) of the Act. The stage is obtained where the petitioners have a clear alternative statutory remedy available in terms of preferring Appeal under Section 17 of the Act as mended as per the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016. 5.2 In Kanaiyalal Lanchand Sachdrv Vs Stat .....

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declare any such action invalid and also to restore possession even though possession may have been made over to the transferee. 39. We are unable to agree with or accept the submissions made on behalf of the appellants that the DRT had no jurisdiction to interfere with the action taken by the secured creditor after the stage contemplated under Section 13(4) of the Act. On the other hand, the law is otherwise and it contemplates that the action taken by a secured creditor in terms of Section 13(4) is open to scrutiny and cannot only be set aside but even the status quo ante can be restored by the DRT." 22.We are in respectful agreement with the above enunciation of law on the point. It is manifest that an action under Section 14 of th .....

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n mind that the legislations enacted by Parliament and State Legislatures for recovery of such dues are code unto themselves inasmuch as they 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. 5.4.1 Sounding caution, the Supreme Court observed further thus, ...despite repeated pronouncement of this Court, the High Courts continue to ignore the availability of statutory remedies under the DRT Act and SARFAESI Act and exercise j .....

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