TMI Blog2022 (5) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... ds decided against the petitioner. In the backdrop of judgments of the Hon ble Apex Court of India in the cases of M.D. Frozen Foods Exports Pvt. Ltd. [ 2017 (9) TMI 1266 - SUPREME COURT] and Indiabulls Housing Finance Limited [ 2018 (3) TMI 118 - SUPREME COURT] , the contention of learned counsel for the petitioners that in view of availability of arbitration clause and invocation of Section 9 of the Act of 1996, the proceedings under the SARFAESI Act could not have been resorted to, does not merit acceptance. The writ petition is dismissed in view of availability of alternative remedy to the petitioners under the provisions of the SARFAESI Act. - S.B. Civil Writ Petition No. 6199/2022 - - - Dated:- 11-5-2022 - MR. MAHENDAR KUMA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of Section 14 of the SARFAESI Act. In this regard, he placed reliance upon judgments of Hon ble Apex Court of India in the cases of SBP Co. Vs. Patel Engineering Ltd. Another; (2005) 8 SCC 618 Vidya Drolia Ors. Vs. Durga Trading Corporation; 2021 (1) WLC (SC) Civil 257. He, therefore, prayed that the writ petition be allowed and the order impugned dated 15.03.2022 be quashed and set aside. Per contra, learned counsel for the respondent submitted that the writ petition is not maintainable as the petitioners have an alternative and efficacious remedy under Section 17 of the SARFAESI Act. He submitted that a co-ordinate Bench of this Court has, vide its order dated 14.02.2022 passed in S.B. Civil Writ Petition No.9054/2021; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the R.B.I. can be very much looked into by the Debts Recovery Tribunal as well as by the banks while examining the reply if submitted by the petitioners against the notices served upon them and lastly in the facts and circumstances in view of the judgment passed by the Hon ble Supreme Court in the matter of I.C.I.C.I Bank Limited as well as the Pheonix India (both supra), I am not inclined to exercise the extraordinary jurisdiction of this Court under Article 226 of the Constitution of India. Hence, these writ petitions stand dismissed. The Division Bench of this Court, while dismissing the special appeal preferred thereagainst, vide its order dated 21.02.2022 in D.B. Special Appeal Writ No.406/2022, held as under: Learned S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e alternatives are between a Civil Court, Arbitral Tribunal or a Debt Recovery Tribunal constituted under the RDDB Act. Insofar as that election is concerned, the mode of settlement of disputes to an arbitral tribunal has been elected. The provisions of the SARFAESI Act are thus, a remedy in addition to the provisions of the Arbitration Act. In Transcore vs. Union of India Anr. (supra) it was clearly observed that the SARFAESI Act was enacted to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith. Liquidation of secured interest through a more expeditious procedure is what has been envisaged under the SARFAESI Act and the two Acts 13 HDFC Bank Limited V. S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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