Writ petition dismissed due to alternative remedy under Securitisation Act. Appeal available at Debt Recovery Tribunal.

The High Court dismissed the writ petition citing the availability of an alternative remedy under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The appellant has the option to appeal before the Debt Recovery Tribunal within two weeks without any limitation issue. Additionally, the bank is prohibited from taking further action for one week, as long as the petitioner does not change the secured asset.

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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.

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