Court No. - 34
Case :- WRIT - C No. - 7261 of 2018 Petitioner :- M/S Mugal Arts Palaces And Another Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Santosh Kumar Tiwari Counsel for Respondent :- C.S.C.,Ravi Prakash Pandey
Hon'ble Sudhir Agarwal,J. Hon'ble Shashi Kant,J.
1. Heard learned counsel for petitioner and perused the record.
2. Petitioners admittedly are defaulter in payment of dues. It also appears that Bank has filed application under Section 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the “Act, 2002”) before Magistrate for possession of property in dispute. Since proceedings have been initiated against secured assets of petitioners under the provisions of Act, 2002, petitioners have a statutory alternative remedy to approach Debts Recovery Tribunal under Section 17 of Act, 2002.
3. The writ petition is thoroughly misconceived. Dismissed on the ground of alternative remedy.
Order Date :- 28.2.2018 AK