2016 (4) TMI 222

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.... 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 t....

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.... settlement made by learned advocate for the petitioners on the returnable date. 4. The petitioners shall serve the respondent Bank with direct service which is permitted today. 5. It is clarified that there is no stay operating in the matter." 4.1 Pursuant to aforesaid order, learned advocate for the respondent Bank has appeared and submitted that the cheques were given by the petitioners fo....

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....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. 5.2 In Kanaiyalal Lalchand Sachdev vs. State of Maharashtra [(2011) 2 SCC 782], the Supreme Court upheld the order of the High Court in not entertaining the....

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.... in mind that the legislations enacted by Parliament and State Legislatures for recovery of such dues are code unto themselves inasmuch as they not only contain comprehensive procedure for recovery of the dues but also envisage constitution of quasi judicial bodies for redressal of the grievance of any aggrieved person. Therefore, in all such cases, High Court must insist that before availing reme....