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Judgment
It is aggrieved by the coercive action taken by respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the 'SARFAESI Act', for short), this writ petition has been preferred by the petitioner.
Heard the learned counsel for the petitioner and the learned counsel for respondent.
The learned counsel for respondent vehemently opposed entertaining this writ petition and granting the reliefs to the petitioner since, he has an efficacious alternative remedy before the DRT.
I find considerable force in the submissions made by the learned counsel for respondent. The Honourable Apex Court in a catena of decisions, including the decisions in Phoenix ARC Pvt. Ltd. v. Vishwa Bharati Vidya Mandir and Others [2022 KHC OnLine 6040], South Indian Bank Ltd. (M/s.) v. Naveen Mathew Philip [2023 KHC OnLine 6435] and PHR Invent Educational Society v. UCO Bank [2024 KHC OnLine 6208], has categorically held that writ petitions against SARFAESI proceedings must not be entertained since, the aggrieved persons have an alternative and efficacious remedy before the DRT.
In such circumstances, this writ petition is dismissed without prejudice to the contentions and right of the petitioner to avail the statutory remedy.