2016 (4) TMI 222

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.... ORAL ORDER Heard learned advocate 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 re....

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.... 3. The Bank shall state and confirm about the statement of 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 ....

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....the Act is available to the borrower. Since the statutory alternative remedy is 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 ....

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....allenge to the action taken for recovery of the public dues, etc., the High Court must keep 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 aggri....