M/S Indusco Plastic Private Ltd. v. Oriental Bank Of Commerce

NAFR HIGH COURT OF CHHATTISGARH, BILASPUR WPC No. 2425 of 2016 • M/s Indusco Plastic Private Ltd. Through Its Director Varun Agrawal S/o Sunil Agrawal Aged about 39 Years, Address 15 Brabourn Road Kolkata 700001 Woks At 8 & 9 Urla Industrial Area Sector C Gondwara, Raipur Chhattisgarh ---- Petitioner

Versus

• Oriental Bank of Commerce S/o Through Its Branch Manager, Overseas Branch (Lords Building) 7/1 Lord Sinha Road (Ground Floor) Kolkata 700071 ---- Respondent For Petitioner :

Shri Rupesh Shrivastava, Advocate Hon'ble Shri Justice Prashant Kumar Mishra Order On Board 01/12/2016

1. Petitioner has obtained financial assistance from the respondent Bank. Upon his failure to repay the loan amount, the Bank has invoked Section 13

(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act') and has thereafter issued possession notice under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002.

2. The petitioner has alternative remedy of preferring appeal before the jurisdictional Debt Recovery Tribunal under Section 17 of the SARFAESI Act..

3. In view of the law laid down by the Supreme Court in the matter of United

Bank of India Vs. Satyawati Tondon and Others1 and Devi Ispat Limited and Another Vs. State Bank of India and Others2 the present petition is not maintainable. It is accordingly dismissed with liberty to the petitioner to avail the appellate remedy.

Sd/- Judge Prashant Kumar Mishra Ashu 1 2010 (8) SCC 110 2 2014 (5) SCC 762