- (1.) Heard Sri A.K. Srivastava, learned counsel for petitioner and Sri R.P. Pandey for respondents.
(2.) Proceedings have been initiated under "Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002" (hereinafter referred to as 'Act, 2002') and auction notice dated 10.1.2019 has been issued by respondents-Bank. Counsel for petitioner submits that he is not challenging quantum of amount of loan sought to be recovered from him and the only request is that he may be allowed to pay the said amount in instalments.
(3.) If proceedings have been initiated under Act, 2002, in our view remedy of appeal available to petitioner under Section 17 must be availed. Apex Court in GM, Sri Siddeshwara Co-operative Bank Limited and another v. Sri Ikbal and others, 2013 10 SCC 83 has held :- "... it is well settled that where a statute provides efficacious and adequate remedy, the High Court will do well in not entertaining a petition under Article 226. On misplaced considerations, statutory procedures cannot be allowed to be circumvented.";