(1.) THIS writ petition has been filed challenging the impugned orders contained in Notices dated 16-5-2008 (Annex-14); letter dated 21-7-2008 (Annex-16); and notice dated 21-8-2008 (Annex-19) by which the proceedings under the provisions of the Securitization and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002, (hereinafter referred to as the "act") have been initiated and completed.
(2.) LEARNED counsel for the petitioner has submitted that initiation of proceedings, continuance thereof and passing of the orders by the authority are totally illegal and in contravention of the statutory provisions and those are liable to be quashed.
(3.) ON the other hand Mr. Tuna Sahu, learned counsel appearing for the opposite party, bank has raised a preliminary objection that the petition has been filed without exhausting the statutory remedy of appeal under Section 17 of the Act. Therefore, the petition should not be entertained and the petitioner should be relegated to the appellate forum.