M/S. Gaurav Exportrades (P) Ltd vs Tamil Nadu Mericantile Bank Ltd
2023 Latest Caselaw 6971 Mad

                                                                        W.P. No. 18201 of 2023

                                  IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                DATED: 23.06.2023

                                                      CORAM

                                  THE HON'BLE MR.JUSTICE S. VAIDYANATHAN

                                                        AND

                                    THE HON'BLE MR. JUSTICE K. RAJASEKAR

                                               W.P. No. 18201 of 2023

                                                          &

                                             W.M.P. No. 17397 of 2023

                     1.M/s. Gaurav Exportrades (P) Ltd.,
                       A Private Limited Company, incorporated
                       and Registered under the Companies Act, 1956,
                       having its Registered Office,
                       at No. 114/2, Nesavalar Colony,
                       Alegesan Main Road, Saibaba Colony,
                       Coimbatore 641 011 rep. by its
                       Managing Director Mr.Mahesh Gupta

                     2. Mahesh kumar Gupta, Managing Director,
                        M/s. Gaurav Exportrades (P) Ltd.,
                        Residing at No.44, Bharathi Park, 6th Cross,
                       Saibaba Colony, Coinbatore 641 011.               ..Petitioners

                                                         Vs.




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                                                                                     W.P. No. 18201 of 2023

                     1. Tamil Nadu Mericantile Bank Ltd.,
                        Registered Office at No.57, V.E. Road,
                        Thoothukudi 628 002, rep.by its
                         General Manager – Recovery.

                     2.     The Authorized Officer,
                            Tamil Nadu Mercantile Bank Ltd.,
                            No.364, Dr. Nanjappa Road,
                            Opp. VOC Park, Coimbatore 641 018.                  ..Respondents

                     Prayer:            Petition under Article 226 of the Constitution of India praying

                     for issue of a Writ Cetiorari to call for the records pertaining to the

                     impugned sale notice dated 02.06.2023, issued by the 2nd respondent, fixing

                     auction sale on 02.06.2023 at the place of the 2nd respondent and quash the

                     same as illegal and consequently direct the 1st respondent to consider the

                     OTS proposal dated 24.03.2023.

                                        For Petitioners     ::     Mr.V. Jayachandran

                                                                 ORDER

(By S. Vaidyanathan,J.)

The writ petition has been filed for issue of a Writ of Certiorari to call

for the records pertaining to the impugned sale notice dated 02.06.2023

issued by the 2nd respondent fixing the auction sale on 02.06.2023 at the

place of the 2nd respondent and quash the same as illegal and consequently

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direct the 1st respondent to consider the OTS proposal dated 24.03.2023.

2. Admittedly, as against the notice issued by the 2nd respondent

under Section 13(2) of Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI' Act in

short), the petitioners have got an effective alternate remedy by way of

statutory appeal under Section 17 of SARFAESI Act before the Debts

Recovery Tribunal. There are a catena of judgments holding that High

Courts cannot be alternative remedial Courts in such

S. VAIDYANATHAN,J.

AND

K. RAJASEKAR,J.

nv

matters. Hence, we are not inclined to grant the relief sought by the

petitioners and the writ petition stands dismissed with liberty to the

petitioners to approach the appropriate forum. No costs. Connected W.M.P.

is closed.

(S.V.N.J.) (K.R.S.J.)

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nv 23.06.2023

To

1. Tamil Nadu Mericantile Bank Ltd., Registered Office at No.57, V.E. Road, Thoothukudi 628 002, rep.by its General Manager – Recovery.

W.P. No. 18201 of 2023

2. The Authorized Officer, Tamil Nadu Mercantile Bank Ltd., No.364, Dr. Nanjappa Road, Opp. VOC Park, Coimbatore 641 018.

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