- (1.) Heard learned counsel for the parties. The order dated 15.10.2012 passed by the Presiding Officer, Debt Recovery Tribunal, Ranchi in SARFAESI Appeal No. 112 of 2012, Annexure-11, is under challenge by way of this writ petition.
(2.) The petitioner had preferred the said appeal being aggrieved by the notice issued under Section 13(4) of the SARFAESI Act, 2002 intending to take possession of the secured property and according to the learned counsel for the respondent-Bank, symbolic possession of the property has been taken. Learned counsel for the petitioner has, however, submitted that earlier there was an offer of one time settlement under which the petitioner had made certain payments and, thereafter, notices were issued for taking possession of the immovable property in question invoking the provisions of SARFAESI Act, 2002 by the Bank. It is submitted that the DRT, Ranchi has issued notice upon the petitioner, thereafter, the petitioner and other respondents have appeared, but the DRT, Ranchi has refused to grant interim order so far as the possession of the property is concerned against which the present writ petition has been preferred.
(3.) Learned counsel for the respondents, who has appeared and filed counter affidavit on behalf of the respondents, submits that total outstanding amount due against the petitioner is Rs. 51,00,000/- approximately. After due notice under Section 13(4) of the SARFAESI Act, 2002, the symbolic possession of the property has been taken under the provisions of the SARFAESI Act, 2002. The DRT, Ranchi has, however, refused to grant stay on the request of the petitioner. It is further submitted that the Appellate Tribunal is empowered to entertain Appeal even against interim orders under Section 18 of the SARFAESI Act, 2002. He submits that the Appellate Tribunal created by the fiscal statute like the Act of 2002 are specially constituted to entertain and decide such matters within a fixed time schedule and therefore, this Court should refrain from entertaining the writ petition where the efficacious alternative remedy is available under the law.;