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Judgment
K.C. Banu, J.—This writ petition, under Article 226 of the Constitution of India, is filed to declare the action of the respondents Institution in proceeding with the sale of the property of the petitioner i.e., H. No. 68-13-2, TS Nos. 1 and 2, Addepallyvari Street, Ponnangi Road, Eluru, West Godavari District to an extent of 6000 Square yards covered under the auction notice, dated 4.12.2013, by fixing the reserve price at Rs. 2.50 crores when the official market value of the property as per the Sub-Registrar''s Office is Rs. 6.00 crores as arbitrary, illegal and contrary to the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ''SARFAESI Act'') and the Security Interest (Enforcement) Rules, 2002 (for short, ''the Rules''), and set aside the same. Heard.
The only contention raised by the learned Counsel for the petitioner is that the official market value of the property, which is sought to be sold in pursuance of the SARFAESI Act, is about Rs. 6.00 crores as per the certificate issued by the Sub-Registrar''s Office, whereas the reserve price fixed by the bank is Rs. 2.50 crores. That is a question of fact. We are unable to accept the said contention because this Court cannot determine the disputed question of fact exercising the powers under Article 226 of the Constitution of India, when an alternative remedy is available to the petitioner under Section 17 of the SARFAESI Act to file Securitization Application before the Debts Recovery Tribunal. Accordingly, the writ petition is dismissed leaving open the remedies available to the petitioner under law. There shall be no order as to costs. Miscellaneous petitions, if any, pending in this writ petition shall stand closed.