Mohammad Yaqoob Mir, J. - (1.) Petitioner seeks quashment of the proceedings initiated by the respondent Bank under Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the Act of 2002).
(2.) Background: (I) The case set up by the petitioner is that he being a poor person has been granted assistance under "RAJIV RINN YOJNA" (RRY) for construction of the house. The respondent Bank has released Rs.8,00,000/ but the benefit of Rajiv Rinn Yojna scheme has not been extended to him because monthly installment instead of Rs.4000/, Rs.8000/ are being recovered which the petitioner has been paying for the last one year. (II) It appears that the petitioner has become defaulter. The respondent Bank has issued a notice under Section 13(2) of the Act of 2002, aggrieved whereof he has filed instant petition. (III) Before filing instant petition, petitioner has also filed a civil suit before the Court of District Judge, Srinagar, for declaring the loan advanced in his favour to have been advanced under Rajiv Rinn Yojna scheme so shall be declared entitled to the benefits of said scheme, with a further prayer for remitting back the interest charged on the principle amount from the period July, 2016 to April, 2017 and for release of interest subsidy under the said scheme.
(3.) We have heard learned counsel for the petitioner as well as counsel for the respondent Bank. Petition on the face of it is premature and is not otherwise maintainable because efficacious remedy shall be available to the petitioner under Section13(4) of the Act of 2002.;