https://www.taxtmi.com/caselaws?id=259889 Availability of a SARFAESI remedy under Section 17 does not automatically bar writ jurisdiction under Article 226, especially where the challenge concerns account classification and the issue can be decided on the record without disputed facts; the preliminary objection on alternative remedy was rejected. Under RBI prudential norms, a cash credit account may be treated as NPA only if it satisfies the prescribed "out of order" conditions for the requisite period, and a temporary overdrawal cured within time does not justify such classification; the account should be upgraded once arrears are cleared. On that basis, the NPA classification and consequential measures under Sections 13(2) and 13(4) were held unsustainable. en-us Mon, 18 May 2015 00:00:00 +0530 Thu, 04 Jun 2015 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259889 Availability of a SARFAESI remedy under Section 17 does not automatically bar writ jurisdiction under Article 226, especially where the challenge concerns account classification and the issue can be decided on the record without disputed facts; the preliminary objection on alternative remedy was rejected. Under RBI prudential norms, a cash credit account may be treated as NPA only if it satisfies the prescribed "out of order" conditions for the requisite period, and a temporary overdrawal cured within time does not justify such classification; the account should be upgraded once arrears are cleared. On that basis, the NPA classification and consequential measures under Sections 13(2) and 13(4) were held unsustainable. Case-Laws Indian Laws Mon, 18 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259889