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Judgment
Krishna S.Dixit, J
Both the sides agree that an alternate & equally efficacious remedy avails to the petitioner under the provisions of Section 17(4A) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; no special reasons are shown as to why the said remedy should be circumvented and the writ petition be heard on merits.
In the above circumstances, this writ petition is disposed off permitting the petitioner to avail the alternate remedy as suggested by learned Panel counsel for the respondent-Bank.
The period spent in prosecuting the writ petition is liable to be discounted while computing the period of limitation prescribed by law for availing the remedy in question; all grounds are kept open.
Registry is directed to return the impugned order after retaining a copy thereof in the file.
The respondent who is non-suiting the petitioner on the ground of alternate remedy shall not precipitate the matter for a period of three weeks from this day.
No costs.