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Judgment
6 paragraphs · 258 wordsS Vishwajith Shetty, J
The petitioners are before this Court seeking for the following reliefs:
"I. Issue a Writ in the nature of certiorari to quash and set aside the SALE NOTICE FOR SALE OF IMMOVABLE ASSESTS UNDER THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSESTS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ('The SARFAESI Act, 2002') READ WITH PROVISO TO RULE 8(5) OF THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 dated 17.3.2026 issued by the respondent at Annexure-A.
II. To grant any other relief/relief's to the petitioner, which this Hon'ble Court deems, fit to grant in the facts and circumstances of the case in the interest of justice and equity."
A perusal of the material on record would go to show that the Bank has already initiated proceedings under Sections 13(2) and 13(4) of the Securitization and Reconstruction of Financial Assests And Enforcement of Security Interest Act, 2002 ('the SARFAESI Act', for short) and as against the same the petitioners have efficacious and alternate remedy before the Debt Recovery Tribunal.
The Hon'ble Supreme Court in the case of M/S. SOUTH INDIAN BANK LTD. & Ors. Vs. NAVEEN MATHEW PHILIP & Another reported in (2023) 17 SCC 311, having reiterated in its earlier judgments has deprecated the practice of High Courts entertaining the writ petition as against the proceedings initiated under provisions of the SARFAESI Act, wherein the parties have a remedy of filing an appeal before the Competent Authority. Under the circumstances, I am not inclined to entertain this petition. Accordingly, the writ petition is dismissed.