AI Structured Summary
Not yet generated for this judgment
Judgment
Sheel Nagu, CJ
Learned counsel for the petitioners-borrowers in this petition has assailed the final order of the DRT-II, Chandigarh dismissing S.A. No.227 of 2024 filed against auction notice issued by the respondent-Bank.
Counsel for the petitioners is unable to satisfy this Court as to why the Debts Recovery Appellate Tribunal (DRAT), which is a statutory appellate authority available under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act for brevity), cannot be approached, except producing a judgment of the Apex Court in SLP(C) No. 10947 of 2024, titled as ‘M/s Pargati Feeds and another vs. The Indian Overseas Bank and others’, decided on 13.05.2024, which nowhere lays down that statutory alternative remedy provided under SARFAESI Act can be bypassed by filing a writ petition directly under Article 226 of the Constitution of India.
Accordingly, this Court declines interference on merits and relegates the petitioners to avail appellate remedy u/s 18 of the SARFAESI Act.
With the aforesaid liberty, writ petition stands disposed of.
Pending applications, if any, shall stand disposed of accordingly.