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TMI Blog2016 (4) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... medy in appeal under Section 17 of the SARFAESI Act before the Debts Recovery Tribunal. - SPECIAL CIVIL APPLICATION NO. 11377 of 2015 - - - Dated:- 1-4-2016 - MR. N.V.ANJARIA, J. FOR THE PETITIONER : MR ASPI M KAPADIA, ADVOCATE FOR THE RESPONDENT : MR VIVEK B GUPTA, ADVOCATE ORAL ORDER Heard learned advocate Mr. Aspi 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), C.S.4/2, Haveli Street, Mota Bazar, Navsari mortgaged with the Bank for the purpose of taking finance has been taken. 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 commercial matters, alternative remedy has to exhausted steadfast rather than invoking writ jurisdiction of High Court straightway. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioners however tried to submit that according to him, the issues arise as to whether the respondent herein is entitled to take steps under the SARFAESI Act or not and whether notice under Section 13(2) was rightly issued or not. Any and all such contentions be taken by the petitioners before the Debts Recovery Tribunal while pursuing the remedy of appeal under which the petitioners are being relegated. All the contentions for both the parties are kept open. 7. Accordingly, this petition is dismissed. The petitioners are relegated to pursue their remedy in appeal under Section 17 of the SARFAESI Act before the Debts Recovery Tribunal. 8. This Court has not gone into the merits of the case of either side. The Debts Recovery Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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