2022 (2) TMI 1236 - HC - Indian Laws

Maintainability of petition - availability of alternative remedy under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 - HELD THAT - In view of availability of alternative remedy and in view of the controversies required to be resolved this appeal is not entertained and consequently the writ petition filed by the appellant- petitioner also not entertained. However it is provided that if appeal is filed before the Debt Recovery Tribunal within two weeks from today the question of limitation shall not be raised by the opponents or by the Tribunal while dealing with the appeal. In one week from today there shall be no further steps taken by the bank in relation to the impugned notices. However this would be under a condition that petitioner also does not creat any further charge or change the title or possession of the secured asset. Appeal disposed off.

Summary

The High Court dismissed the writ petition due to the availability of an alternative remedy under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The appellant can file an appeal before the Debt Recovery Tribunal within two weeks, with no limitation issue. The bank is restrained from taking further steps for one week, provided the petitioner does not alter the secured asset.