High Court for State of TelanganaWP/43996/2016dismissed

M/S. Vijaya Sri Cotton Ginning Mill, v. Indian Overseas Bank,

2016-12-19V Ramasubramanian,A V Sesha Sai1 pages

THE HON'BLE SRI JUSTICE V. RAMASUBRAMANIAN AND THE HON'BLE SRI JUSTICE A.V. SESHA SAI WRIT PETITION No.43996 OF 2016 ORDER: (Per VRS,J) Aggrieved by the Possession Notice, dated 28.11.2016, issued under Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the Act'), the borrowers have come up with the above Writ Petition.

2. Heard Ms. Almas Mohammed, learned counsel for the petitioners. Ms. G. Sudha Madhuri, learned counsel, takes notice for the respondent.

3. As against the impugned notice, the petitioners have an effective alternative remedy of appeal to the Debts Recovery Tribunal under Section 17 of the Act. The Debts Recovery Tribunal started functioning from 03.11.2016.

4. Therefore, leaving it open to the petitioners to approach the Tribunal, the Writ Petition is dismissed.

5. Consequently, the Miscellaneous Petitions, if any, pending in this Writ Petition shall stand dismissed. There shall be no order as to costs.

__________________________ V. RAMASUBRAMANIAN, J __________________ A.V. SESHA SAI, J December 19, 2016.