2016 (4) TMI 614

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....pak Vyas for the petitioner. 2. By filing the present writ petition, the petitioner has challenged E-auction notice, whereby the respondent-Housing and Urban Development Corporation Limited, in the process of taking steps under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to recover its dues from the petitioner, has advertised sale of ....

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....Development Corporation Limited about the proposed auction; the petitioner was called upon and was required to clear the dues or come up with a buyer on its own so as to prevent auction of the mortgaged property. It appears that the petitioner did not respond and sat tight. 4.1 Under the auction notice, auction programme was notified. Actual auction has to take place on 29.03.2016. Last date fo....

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....petition and relegating the petitioner to the remedy under Section 17 of the Act. The Apex Court categorically observed thus, "the High Court overlooked the settled law that the High Court will ordinarily not entertain a petition under Article 226 of the Constitution if an effective remedy is available to the aggrieved person and that this rule applies with greater rigour in matters involving r....

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....tion, the Supreme Court observed further thus, "...despite repeated pronouncement of this Court, the High Courts continue to ignore the availability of statutory remedies under the DRT Act and SARFAESI Act and exercise jurisdiction under Article 226 for passing orders which have serious adverse impact on the right of banks and other financial institutions to recover their dues. It is hoped and ....