HUTS AND COTTAGES OFFICE Vs. ALLAHABAD BANK
LAWS(UTN)-2012-6-89
HIGH COURT OF UTTARAKHAND
Decided on June 14,2012

Huts And Cottages Office Appellant
VERSUS
ALLAHABAD BANK Respondents

JUDGEMENT

B.S.VERMA, J. - (1.) BY means of this writ petition, the petitioner has sought a writ in the nature of certiorari to quash the notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of the Security Interest Act 2002 (for short the Act) dated 22.11.2011 (Annexure -1) whereby the bank called upon the petitioner to repay the entire outstanding loan amount along with future and penal interest and the sale notice (Annexure -6) dated 5.5.2012 whereby the Bank is going to sale out the property in a pea nut rates.
(2.) UNDISPUTEDLY , the petitioner has already availed alternate remedy and approached the Debt Recovery Tribunal under Section 17 of the Act.
(3.) A perusal of the record shows that the application of the petitioner for grant of interim relief was rejected by the Debts Recovery Tribunal, Lucknow by order dated 14.3.2012. Aggrieved, the petitioner approached the Debt Recovery Appellate Tribunal and the Debt Recovery Appellate Tribunal has passed an interim order on the undertaking given by the appellant -petitioner and directed the appellant to deposit a sum of Rs. 20.00 lacs within thirty days. The order passed in Appeal No. R -62/12 on 4.5.2012 has been annexed as Annexure -8 to the writ petition. In the present writ petition, the petitioner has again assailed the notice under Section 13(2) of the Act dated 22 -11 -2011 against which the petitioner had already availed statutory remedy before the Debt Recovery Tribunal. If the petitioner is not in a position to deposit the amount of Rs. 20 lacs as has been undertaken by the petitioner, he may move recall application before the said appellate authority.;


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