Amritlal Kothari vs The Reserve Bank Of India
2021 Latest Caselaw 19427 Raj

HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR S.B. Civil Writ Petition No. 13208/2021

1. Amritlal Kothari S/o Shri Ghishu Lal Kothari, Aged About 53 Years, By Caste Jain, R/o Ravish Palace Adarsh Nagar, Behind Rajkamal Hotel, Kankoroli, District Rajsamand.

2. Smt. Sunita Kothari W/o Shri Amrit Lal Kothari, Aged About 52 Years, By Caste Jain, R/o Ravish Palace Adarsh Nagar, Behind Rajkamal Hotel, Kankoroli, District Rajsamand.

----Petitioners Versus

1. The Reserve Bank Of India, Through The Chief General Manager, 10Th Floor, Central Office Saheed Bhagart Singh Marg, Pb No. 10014, Mumbai-1

2. Akme Fintrade (India) Ltd., Through Its Authorized Officer Branch, Akme Business Centre (Abc0 4-5, Subcity Centre, Savina Circle, Opp, Krishi Upaz Mandi, Udaipur, Rajasthan.

----Respondents

For Petitioner(s) : Mr. Vikram Sharma For Respondent(s) : Mr. Deen Dayal Purohit

JUSTICE DINESH MEHTA

Order

20/12/2021

1. The petitioners have challenged the proceedings adopted by

the respondent- Non Banking Financial Institution, AKME Fintrade

(India) Ltd.

2. In the opinion of this Court, petitioners are having efficacious

remedy under of the Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act, 2002.

3. That apart, having regard to the disputes in question, this

Court is of the considered view that the writ jurisdiction of this

(2 of 2) [CW-13208/2021]

Court under Article 226 of the Constitution of India, cannot be

invoked.

4. The petitioners are having efficacious alternative remedy

available under Section 17 of the SARFAESI Act, hence, this Court

is not inclined to interfere, particularly, being guided by the

judgments of Hon'ble the Supreme Court rendered in case of

United Bank of India Vs. Satyawati Tondon & Ors [(2010) 8 SCC

110] and in case of Mardia Chemicals Vs. Union of India [(2004) 4

SCC 311].

5. Following the judgments aforesaid, the writ petition, is

dismissed.

6. The petitioners may be free to take appropriate remedy

either before DRT or before Reserve Bank of India, in accordance

with law.

7. Stay application also stands disposed of accordingly.

(DINESH MEHTA),J

27-pooja/-

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