WPMS/1391/2021
2021 Latest Caselaw 2535 UK

     IN THE HIGH COURT OF UTTARAKHAND
                         AT NAINITAL
            ON THE 22ND DAY OF JULY, 2021
                                BEFORE:
     HON'BLE SHRI JUSTICE MANOJ KUMAR TIWARI

           Writ Petition (M/S) No. 1391 of 2021


BETWEEN:
      M/s GT Biopharma Private Limited.
                                                             .......Petitioner
      (By Mr. Ajay Veer Pundir & Mr. Sanjay Mani Tripathi, Advocates)




AND:
      Indian Overseas Bank and others.
                                                        .....Respondents
       (Mr. Krishan Kumar & Mr. Chandramauli Sah, Advocates)




                                JUDGMENT

Heard learned counsel for the parties through video conferencing.

2. Petitioner took a loan from Indian Overseas Bank. Since he defaulted in repayment of the loan amount, therefore, proceedings were initiated against him under Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002.

3. By means of this writ petition, petitioner has sought the following reliefs:-

"i) Issued a writ order or direction in the nature of certiorarified mandamus, directing the respondent nos. 1 & 2 to produce entire record before this Hon'ble Court, pertaining to the E-Auction dated

24-06-2021 of immovable property of petitioner i.e. Khata No. 138, Khasra No. 312 admeasuring 3064 Sqr. Mtrs. Situated in Gram Raipur, Pargana Bhagwanpur, Tehsil Roorkee, District Haridwar and thereafter to quash/set-aside the auction made in favour of the respondent no. 3.

ii) Issue a writ, order or direction in the nature of mandamus commanding/directing the respondent nos. 1 & 2 to not confirm the sale of property in question in favour of respondent no. 3 herein.

iii) Issue a writ, order or direction in the nature of mandamus commanding/directing the respondent nos. 1 & 2 to pass speaking and reasoned order on the representation dated 30-06-2021 moved by the petitioner for one time settlement (contained as Annexure No. 12 to this writ petition respectively), strictly within the stipulated period fixed by this Hon'ble Court."

4. Since petitioner has the statutory remedy under Section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, therefore, in view of the law laid down by Hon'ble Supreme Court in the case of Union Bank of India Vs. Satyawati Tondon, reported in 2010 (8) SCC 110, this Court declines to entertain this writ petition.

5. Accordingly, the writ petition is dismissed on the ground of alternative remedy. No order as to costs.

(MANOJ KUMAR TIWARI, J.) Navin