M/S. Hanuman Exports, Proprietor, S. Ravi Shankar, v. M/S. Vijaya Bank,

THE HON'BLE SRI JUSTICE C.V.NAGARJUNA REDDY AND THE HON'BLE SRI JUSTICE G.SHYAM PRASAD WRIT PETITION No.28564 of 2016 26.08.2016 Between:

M/s.Hanuman Exports, Hyderabad and another ..Petitioners And The Vijaya Bank, Hyderabad ..Respondent Counsel for the petitioners: Mr.J.C.Francis Counsel for the respondent: Mr.N.Manohar Reddy The Court made the following:

ORDER: (Per the Hon'ble Sri Justice C.V.Nagarjuna Reddy) The possession notice, dated 03.08.2016, issued by the respondent under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002, is assailed in this writ petition by the petitioners, who are the borrowers and who have admittedly failed to repay the substantial part of the loan amount.

2. In our opinion, the issue raised in this writ petition needs to be first adjudicated only by the Debts Recovery Tribunal under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, as held by the Supreme Court in United Bank of India vs. Satyawati Tondon and others[1] and various other judgments following the same.

3. In view of the above legal position, we decline to entertain this writ petition and relegate the petitioners to the aforementioned remedy. The Writ Petition is, accordingly, dismissed.

4. As a sequel to dismissal of the writ petition, W.P.M.P.No.35358 of 2016 filed by the petitioners for interim relief shall stand dismissed as infructuous.

___________________________ C.V.NAGARJUNA REDDY, J ______________________ G.SHYAM PRASAD, J 26th August, 2016 GHN [1] (2010) 8 SCC 110