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TMI Blog2023 (5) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... eme Court in M/S. SOUTH INDIAN BANK LTD. ORS. VERSUS NAVEEN MATHEW PHILIP ANR. ETC. ETC. [ 2023 (5) TMI 798 - SUPREME COURT] ] the Court has observed that the statutory mechanism needs to be followed and writ jurisdiction ought to be exercised with caution. The opinion of the Court is that the Petitioner who claims a beneficial interest in the property ought to approach the Appellate Tribunal under Section 26 of the Act. At this stage, ld. Counsel for the Petitioner submits that he may be permitted to approach the Appellate Tribunal. The petition is dismissed as withdrawn with liberty to approach the Appellate Tribunal constituted under Section 26 of the PMLA Act. X X X X Extracts X X X X X X X X Extracts X X X X ..... urt considered the legal position laid down in J Sekar v. Union of India & Ors. (supra) which was passed by ld. Division Bench of this Court and has also been followed subsequently in WP(C) 12243/2022 titled Alaknanda Realtors Pvt. Ltd. & Ors. V. Directorate of Enforcement as also Gold Croft Properties Pvt. Ltd v. Directorate of Enforcement 2023/DHC/001436 and Sanjay Jain (IN JC) v. Directorate Of Enforcement, 2023/DHC/000078. Admittedly, the order which is under challenge is a final attachment order which has been passed by the Adjudicating Authority. 5. Mr. Hossain, ld. Sr. Standing Counsel submits that an appeal has been filed by the Aggrieved person before the Tribunal. Mr. Rao, ld. Sr. Advocate, on the other hand, submits that the Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (1) or sub-section (2) shall be filed within a period of forty-five days from the date on which a copy of the order made by the Adjudicating Authority or Director is received and it shall be in such form and be accompanied by such fee as may be prescribed: Provided that the Appellate Tribunal may, after giving an opportunity of being heard, entertain an appeal after the expiry of the said period of forty-five days if it is satisfied that there was sufficient cause for not filing it within that period. (4) On receipt of an appeal under sub-section (1) or sub-section (2), the Appellate Tribunal may, after giving the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit, confirming, modif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h to interfere with the impugned orders passed. We may, however, reiterate the settled position of law on the interference of the High Court invoking Article 226 of the Constitution of India in commercial matters, where an effective and efficacious alternative forum has been constituted through a statute. We are also constrained to take judicial notice of the fact that certain High Courts continue to interfere in such matters, leading to a regular supply of cases before this Court. One such High Court is that of Punjab & Haryana. 14. A writ of certiorari is to be issued over a decision when the Court finds that the process does not conform to the law or statute. In other words, courts are not expected to substitute themselves with the dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onscious of the fact that the powers conferred under Article 226 of the Constitution of India are rather wide but are required to be exercised only in extraordinary circumstances in matters pertaining to proceedings and adjudicatory scheme qua a statute, more so in commercial matters involving a lender and a borrower, when the legislature has provided for a specific mechanism for appropriate redressal." 8. Accordingly, the opinion of the Court is that the Petitioner who claims a beneficial interest in the property ought to approach the Appellate Tribunal under Section 26 of the Act. At this stage, ld. Counsel for the Petitioner submits that he may be permitted to approach the Appellate Tribunal. 9. Accordingly, the petition is dismissed a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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