2015 (6) TMI 218

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....te Bank of India (SBI) advanced a term loan of Rs. 24 crores to the petitioner. On account of failure on the part of the petitioner in payment of installments, the loan account was categorised as 'Non Performing Assets" (NPA). The respondent-SBI approached the Debt Recovery Tribunal, Jaipur ( for short "the Tribunal") by way of original application for recovery of outstanding dues. During the pendency of the proceedings before the Tribunal, the respondent-SBI by way of an agreement entered into with the respondent no.1-Alchemist Asset Reconstruction Co.Ltd. (AARCL), assigned its entire financial assets pertaining to the petitioner-M/s. Hotel Gaudavan Pvt. Limited together with all rights, interests and guarantees in terms of Section 5 o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... counsel appearing on behalf of AARCL, the respondent-caveator, submitted that as a matter of fact, aggrieved by the measure adopted by the respondent- AARCL for enforcement of the security interest, the petitioner has already invoked the jurisdiction of the Tribunal under Section 17 of the Act. It is submitted that the possession of the secured asset has already been taken. It is submitted that the petitioner having availed the remedy available under the relevant statute, the writ petition preferred deserves to be dismissed. In this regard, learned counsel has relied upon the decisions of the Hon'ble Supreme Court in the matters of "United Bank of India vs. Satyawati Tondon & Ors." (2010) 8 SCC, 110, "General Manager, Sri Siddeshwara C....